The South African Rand weakened against the US Dollar and fell against the Pound and other peers as data showed that unemployment in Africa’s biggest economy edged higher.
According to the South African Statistics agency, the country’s official unemployment rate deteriorated slightly to 25.6% in the second quarter, up from the 25.2% recorded in the first quarter. 100,000 new jobs were created but this was offset by 122,000 more people searching for jobs. Approximately 4.7 million South Africans are unemployed, that’s up 254,000 people compared to the second quarter in 2012.
Africa’s biggest economy is set to expand this year at its slowest pace since the 2009 recession, according to forecasts from the central bank, as a recession in Europe saps demand for manufactured exports and mining strikes curb output. Joblessness and rising prices are undermining consumer spending, which accounts for more than 60% of expenditure in the economy.
The countries manufacturing sector, which makes up to around 15% of the economy shed 18.000 jobs in the last quarter, the agriculture sector saw the number of workers fall by 26,00, the social services and community industry which also includes public sector jobs, dropped by 22,000.
The South African Central Bank reduced its economic growth forecast for 2013 to 2% from 2.4%, less than half the rate needed to create its target of five million jobs by 2020.
Current South African (ZAR) Exchange Rates
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The US Dollar/South African Rand Exchange Rate is currently in the region of: 9.8130 >
The Pound Sterling/South African Rand Exchange Rate is currently in the region of: 15.0557 <
The Euro/South African Rand Exchange Rate is currently in the region of: 13.0248 <
The Australian Dollar/South African Rand Exchange Rate is currently in the region of: 8.8985 <
The New Zealand Dollar/South African Rand Exchange Rate is currently in the region of 7.8439 <
The Canadian Dollar/South African Rand Exchange Rate is currently trading in the region of 9.5433 >
(Correct as of 11:50 am GMT)
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