South African economy contracts 7% in 2020

south african economy contracts

South African economy contracts 7% in 2020   South Africa’s economy rebounded 6.3% quarter on quarter on a seasonally-adjusted and annualised basis in the fourth quarter of 2020 coinciding with the further easing of restrictions, according to Statistics SA. In the fourth quarter of 2020, eight industries including manufacturing (21.1%), trade (9.8%) and transport (6.7%) were the largest positive contributors to the rebound. The economy, however, recorded decreases in mining (1.4%) and finance (0.2%) during the period which coincided with employment decreases of 35 000 and 123 000 people respectively.…

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7.2m South-Africans lack means of livelihood as unemployment hits 32.5%

UK unemployment falls back to 5%

South Africa’s unemployment rate increased by 1.7 per cent in the fourth quarter of 2020 to 32.5 percent, the highest since 2008, said Statistics South Africa (Stats SA) on Tuesday in its Quarterly Labor Force Survey (QLFS). Risenga Maluleke, statistician-general said the number of unemployed people increased by 701,000 to 7.2 million in Q4. According to an expanded definition of unemployment that includes those discouraged from seeking work, 42.6 per cent of the labour force was without work in the fourth quarter, amounting to 11.1 million people. The unemployment rate…

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South African govt urged to divert $680m aviation fund for vaccine

South African govt urged to divert $680m aviation fund

South African gov’t urged to divert $680m aviation fund for vaccine   South Africa’s political opposition is urging the country’s finance minister, Tito Mboweni, to abandon the R10 billion ($680 million) funding plan to restructure South African Airways and plough the capital into a vaccination programme. The Democratic Alliance has written to Mboweni claiming that the government should “divert” the SAA allocation to procuring vaccines against the coronavirus outbreak. According to the Democratic Alliance the R10 billion funding package could acquire some 23 million doses of the vaccine, enough for…

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MTN to roll out commercial 5G in South Africa next week

5G, MTN, South Africa

Africa’s largest telecommunications operator, MTN has said it is ready to launch its fifth-generation (5G) network on a commercial scale in South Africa next week. With the development, the network would be joining Vodacom Group and Rain in the race to expand fifth-generation technology in the country. The firm said on Wednesday it is hosting a virtual launch event on June 30, where MTN South Africa CEO Godfrey Motsa will be present with other officials. Last November, Swedish mobile telecoms equipment maker Ericsson announced that it had been selected by…

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