The news of the South African GDP growth rate of 3.3% Q on Q is quite encouraging. This, however, is not the whole story. Perhaps not even the main story. What has happened to the employment number?
Employment creation is the key. And we know that South Africa's economy is plagued by 'jobless' growth. It is the number the SARB should also be using to base its interest rate decision on. It is a number that creates multiplier benefits across socio political and economic impacts. If this number has increased too (or conversely, unemployment has fallen), then rejoicing would be truly justified.
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