Tag: Stats SA

The latest Stats SA’s Quarterly Labour Force Survey (QLFS) shows that 74.7% of youth (aged 15-24) in South Africa are unemployed. According to the expanded definition of joblessness, this takes youth unemployment to a 14 year record high in the first quarter of 2021.

The impact of COVID-19 on the life insurance industry was recently highlighted when the Association for Savings and Investment South Africa (ASISA) released their 2020 statistics for the sector. ASISA reported that South African life insurers paid out claims and benefit payments worth R522.7 billion last year, representing a significant increase of R31.7 billion when compared to 2019.

On Tuesday Stats SA announced that SA’s GDP had contracted 51% between April and June (using annualised quarter on quarter numbers – in other words, this is a 17% decrease for the quarter) as a result of the lockdown imposed in response to Covid-19. The contraction was shocking – but not unexpected. Given that government took the decision to implement one of the harshest and longest lockdowns globally, the severity of the economic contraction should not come as a surprise.  

Stats SA produces two quarterly surveys detailing South African employment. They are: The Quarterly Employment Survey, which examines VAT-registered businesses and includes detailed industry-level data on non-agricultural, formal employment; and The Quarterly Labour Force Survey, which surveys households and includes details on informal employment, agricultural employment and demographics of the workforce.

There is a distinct lack of good news at the moment, and certainty is in short supply. The coronavirus is spreading rapidly in Europe, the Middle East and North America, and we have to assume it will continue spreading at a rapid rate.

Public sector staff expands and retail jobs disappoint. Statistics South Africa (Stats SA) reported on that South Africa’s unemployment rate was unchanged at 29.1% during the fourth quarter of 2019. With this reading, South Africa has the fourth-highest unemployment rate out of 182 countries tracked by Trading Economics, after Namibia, Bosnia & Herzegovina and Angola.

One-liners and sweeping statements about the importance of tourism to the South African economy are not enough for the 2020 SONA. While the sector is undoubtedly one of the major contributors to the development of the economy, the Tourism Fund doesn’t have a lot of money in its coffers.

Stats SA recently announced that South Africa’s unemployment rate increased by 0,1% to 29,1% of the population in the third quarter of this year. While this figure is at an all-time high since 2008, it is unrealistic to expect our government to reduce these statistics on their own.

Youth unemployment is a national crisis affecting millions of South Africans. According to Stats SA, the burden of unemployment is concentrated amongst the youths (aged 15-34 years) as they account for 63,4% of the total number of unemployed persons in 2019.

Statistics South Africa (Stats SA) reported on October 29 that South Africa’s unemployment rate increased from 29.0% in 2019 Q2 to 29.1% in the third quarter. This was the highest jobless reading since 2003, and South Africa now has the joint fourth-highest unemployment rate out of 182 countries tracked by Trading Economics.