Business Editor's Picks

Unemployment stats in South Africa reach the highest level in a decade

Second-quarter unemployment figures released this week have reached the highest levels in a decade – 29%. There was a 573,000 increase in the unemployed over the past year, whilst 21,000 jobs only were created within the said period.

The grim numbers were released on the same day state-owned utility company, Eskom announced a loss of US$1.4 billion for the 2018 fiscal year. Eskom supplies 95% of South Africa’s electricity and has been at the epicentre of corruption for a while now.

Dire statistics and situations like the unemployment debacle was the reason why the African National Congress (ANC) had the poorest showing in a general election in 25 years. There has been a struggle for turf between the Cyril Ramaphosa camp and former President Jacob Zuma’s camp, and the internal wranglings have set things back.

Related posts

Akon lays foundation stone of his futuristic city

Afrivelli

Odion Ighalo equals Manchester United 95-year record

Afrivelli

Jonathan slams Obama for interfering with 2015 election in his new book

Afrivelli

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy