South African unemployment has fallen from 25.4% to 24.3%, in the last quarter of 2014, according to figures released by the government this week.
Despite unemployment levels remaining high, it can’t be denied that this fall represents good news, particularly as it comes against a backdrop of more generic economic positivity, with the South African economy growing around 2% over the course of 2014.
The economy is likely to grow at the same pace, according to a recent statement published by Nedbank, which bodes well for jobseekerers across the nation.
Several favourable factors are helping stabilise the South African economy: lower oil prices have driven the commodity prices to new lows, which has also helped in lowering inflation. Increasing levels of domestic consumption is helping the South African economy nurture the green shoots of recovery in the second portion of 2014.
In the financial services industry and the mining, two key sectors of South African economy – fortunes in both these areas echo the sense of growth in the wider economy and look set to remain strong in the long term. As such, we can expect a hiring boom in both the financial and mining worlds in the coming year.
The lower oil prices and a weaker ran is making South African exports more attractive and if things stay stable, will undoubtedly mean more jobs for employment seekers across the nation.
Further government hiring initiatives focused on reducing youth unemployment in underprivileged areas underpin the possibility of stability into 2015.
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