South Africa’s rand weakened on Tuesday following the release of data indicating that the country’s unemployment rate increased in the first quarter of this year. <\/p>\n\n\n\n
The official unemployment rate, which is among the highest globally, rose to 32.9%, up from 31.9% in the final quarter of the previous year. <\/p>\n\n\n\n
Unemployment has steadily increased since 2016 and has remained above 30% for the past five years. <\/p>\n\n\n\n
The rand was trading at 18.36 against the dollar, approximately 0.6% weaker than its previous close at the start of the week.<\/p>\n\n\n\n
On Wednesday, 14 May, the rand was trading at R18.31 to the dollar, R24.37 to the pound and R20.50 to the euro. Oil was trading slightly lower at $66.30 a barrel.<\/p>\n\n\n\n
Here are five other important things happening in and affecting South Africa today:<\/p>\n\n\n\n
Opposition of speed limit change: <\/strong>In 2022, the Road Traffic Management Corporation (RTMC) proposed reducing speed limits on South African roads by 10 km\/h to enhance safety. However, experts argue there is no evidence that this will be effective and stress that there are alternative ways of improving safety, like improving the poor condition of roads, which contributes to accidents, should be the main priority. [MyBroadband<\/a><\/strong>]<\/p>\n\n\n\n Farmers’ message to Ramaphosa:<\/strong> Farmers in South Africa stressed that while they do not intend to leave, their safety and that of their workers, along with poor service delivery and failing infrastructure, are significant concerns. This message was directed to President Cyril Ramaphosa at NAMPO 2025, the largest agricultural expo in the southern hemisphere. [News24<\/a><\/strong>]<\/p>\n\n\n\n Some positives for South Africa:<\/strong>\u00a0S&P Global Ratings projects South Africa\u2019s real GDP will grow by 1.3% to 1.6% from 2025 to 2027, more than double the estimated 0.58% growth for 2024. This improvement is attributed to the easing of load-shedding, which has previously stifled productivity, business confidence, and investment. [Business Day<\/a><\/strong>]<\/p>\n\n\n\n State of the power grid:<\/strong> Following the implementation of stage 2 load shedding until Thursday, 15 May, after the delayed return of generation units following breakdowns, Electricity Minister Kgosientsho Ramokgopa said he would provide an update on the state of the national power grid. [eNCA<\/a><\/strong>]<\/p>\n\n\n\n US President confirms meet with Ramaphosa:<\/strong> During a press conference in Washington, US President Donald Trump announced that President Cyril Ramaphosa of South Africa will visit him next week. This important face-to-face meeting is expected to be tense and could significantly impact the future of relations between South Africa and the United States, which have reached a low point. [Daily Maverick<\/a><\/strong>]<\/p>\n","protected":false},"excerpt":{"rendered":" Here are five important things happening in South Africa on Wednesday, 14 May 2025.<\/p>\n","protected":false},"author":92,"featured_media":727202,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[],"class_list":["post-823998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-things"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/823998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=823998"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/823998\/revisions"}],"predecessor-version":[{"id":824002,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/823998\/revisions\/824002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/727202"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=823998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=823998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=823998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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