South African Unemployment Hits Record High in Fourth Quarter

South Africa's official unemployment rate increased to a record high in the fourth quarter of 2020, data from the country's statistics office showed Tuesday.

South Africa's unemployment rate stood at 32.5% in the fourth quarter, up 1.7 percentage points from 30.8% in the third quarter.

The reading is the highest since start of the series in 2008.

The South African Reserve Bank forecasts that the economy will grow 3.6% in 2021 after an estimation that it shrank by 7.1% in 2020.

Write to Xavier Fontdegloria at

  (END) Dow Jones Newswires
  02-23-21 0500ET
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