Economic wrap-up for June 2024
June was a bumper month for statistical reports. Stats SA published 40 releases in the month, providing monthly, quarterly and annual economic updates. Here are a few highlights. The South African economy weakens in the first quarter The month began with the release of the latest gross domestic product (GDP) figures. The economy contracted by read more »
National government spending breaks the R2 trillion mark
The South African national government spent R2,04 trillion1 in the 2022/23 financial year, representing a rise of 6,1% from R1,92 trillion in 2021/22. Stats SA’s latest set of national government financial data shows how these funds were distributed. Just over half of total expenses in 2022/23 was allocated to grants paid to other levels of government, institutions read more »
Jobs lost in SA’s formal non-agricultural sector during Q1:2024
According to the Quarterly Employment Statistics (QES, Q1:2024) survey released by Statistics South Africa (Stats SA), total employment in the formal non-agricultural sector decreased by 67 000 in the first quarter of 2024, bringing the level of employment to 10,7 million. The survey showed that 74Â 000 jobs were lost between March 2023 and March 2024. read more »
Consumer inflation holds steady in May
Annual consumer price inflation was 5,2% in May, unchanged from April. The monthly change in the consumer price index (CPI) was 0,2%. Annual rates for four of the twelve product groups remained steady between April and May, including food & non-alcoholic beverages (NAB). Higher rates were recorded for transport, alcoholic beverages & tobacco and recreation read more »
Trends in Youth Educational Attainment
June 16 is Youth Day in South Africa, commemorating the sacrifice paid by the youth who participated in the Soweto uprising in 1976. The day is also recognised as the Day of the African Child on the African continent and celebrated every year. The theme for the year is “To educate an African Child Fit read more »
Economy 0,1% weaker in the first quarter
Real gross domestic product (GDP) contracted by a marginal 0,1% in the first quarter (January–March) of 2024.1 This followed a revised 0,3% increase in the fourth quarter of 2023. Weaker manufacturing, mining and construction drove much of the downward momentum on the production (supply) side of the economy, while the expenditure (demand) side witnessed a read more »
Economic wrap-up for May 2024
Stats SA published 24 releases in May, with many providing a preliminary overview of economic performance in the first quarter (January–March). Key industries down in the first three months of the year Mining, manufacturing, electricity, construction, retail trade, motor trade and road transport were weaker in the first quarter of 2024 compared with the fourth read more »
The state of South African households in 2023
In 2024, South Africa celebrates three decades since the advent of democracy, a pivotal moment in its history. This milestone not only signifies the passage of time but also reflects the enduring journey towards equality, freedom, and justice for all its citizens. Households reflect the ongoing transformation, encompassing a diverse mix of cultural, economic, and read more »
Consumer inflation slows for a second consecutive month
The consumer price index (CPI) recorded an annual increase of 5,2% in April, down from 5,3% in March and 5,6% in February. Housing & utilities, miscellaneous goods & services, food & non-alcoholic beverages (NAB) and transport were the main drivers behind the headline rate in April. The monthly change in the CPI was 0,3% in read more »
Unemployment in South Africa: A Youth Perspective
South Africa, like many countries globally, grapples with the challenge of youth unemployment. This is supported by statistics indicating a 45,5% unemployment rate among young individuals (aged 15-34 years), in contrast to the national average of 32,9% in the first quarter of 2024. However, when looking at the Labour Market Dynamics in South Africa report read more »