Macro Analysis /
South Africa

South Africa: Unemployment rate soars to new record high of 34.4% in Q2

    24 August 2021
    • Unemployment rate reaches new survey-high in Q2
    • Extended definition of unemployment soars to 44.4%
    • Unemployment numbers are fueled by a decline in not economically active population
    • Employment falls between Q1 and Q2 which is a usual development
    • Only formal sector jobs are lost in the quarter, while informal and agriculture increase