A new report released by Egypt's Statistics Body Central Agency for Public Mobilization and Statistics (CAPMAS) on Monday revealed that the rate of unemployment in Egypt has dropped to 11.8 percent in 2017, in comparison t0 12.5 percent the year before.
"Unemployment among males recorded 8.2 percent in 2017, down from 8.9 percent in 2016", the report said, adding that the gender gap resulted in a 23.1 percent unemployment rate for females in 2017, down from 23.6 percent in 2016.
However, although it was up against the previous month, the January unemployment rate was a clear improvement on the 13% seen in January 2017, which was recorded as the highest level since February 2010.
Among young people aged between 15 and 29, the unemployment rate was 24.8 percent in 2017.
Simultaneously, the number of employed people increased during 2017 by 1.357.000 and its distribution was 17.7 percent in agriculture, 19.9 in industry, 7 in the building sector and 55.4 in the service one.
Unemployment rates among Egypt's youth have reached a staggering 26.3 percent.
The unemployment rate in the third quarter of 2017 declined to 11.9 percent from 12.6 percent in the same quarter of 2016.
Meanwhile, Planning Minister Hala al-Saeed said in March that the construction sector has helped in providing around 3.7 million jobs, representing 20 percent of total workers in the domestic market. On April 9, Turkish President Recep Tayyip Erdogan lashed out at those who claim Turkey's astrononomic growth rates are excessive and are indicative of economic overheating, claiming they speak out of jealousy.
Egypt 2030 Vision aims to reduce unemployment from the current percentage to 4 percent.
- Anti-Greenhill & Co Inc Institutional Investors Sentiment Runs Low in Q4 2017
- Investor's Guide on Visa Inc. (V) and General Motors Company (GM)
- Wade leads Heat to road win
- Cryptocurrency exchange Coinbase buys Earn.com
- AK Steel Holding Corp (AKS) Stock Ended in red Zone
- Analysts are on the Bearish side about Atara Biotherapeutics, Inc
- Analysts' Views: Brf-Brasil Foods SA (BRFS)
- Alberta to restrict oil, gas to neighbour in Canada pipeline row
- Bollard Group LLC Stake in Plains All American Pipeline L (PAA) Decreased
- PACCAR Inc (PCAR) EPS Estimated At $1.29