By Rachel Mohamed
A recent report from Statistics South Africa (Stats SA) reveals a year-on-year decline in total employment, with 74,000 fewer jobs recorded. Full-time employment also decreased by 0.6% between December last year and March this year.
Speaking on VOC’s airwaves, independent economist and founding director of the Centre for Economic Development and Transformation, Duma Gqubule, emphasized the gravity of the figures. He pointed out that the most significant indicator from the first quarter is the GDP growth rate, which stands at just 0.1%.
“Our economy is in trouble,” he stated.
Gqubule further noted that GDP growth has remained sluggish, with rates of only 0.6% in 2023 and 0.7% in 2024. He criticised the government’s lack of progress, saying:
“Nothing is changing; things are getting worse.”
According to the Quarterly Labour Force Survey (QLFS), 291,000 jobs were lost in the formal sector, with 71,000 of those in the trade industry — a pattern that reflects broader trends across the economy.
This suggests that many South Africans lack the disposable income to participate in the trade sector, forcing companies to retrench workers as a result.
The QLFS also shows that South Africa’s unemployment crisis remains one of the worst globally, with an unemployment rate of 43.1% and 12.7 million people currently without work.
This should not be normalized. It is critical that citizens continue to hold political leaders accountable and demand meaningful action to address the growing jobs crisis.
Listen for the full interview:
VOC News
Photo: Pixabay
