Egypt’s unemployment rate falls to 10.6%

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Sun, 20 May 2018 - 12:49 GMT

BY

Sun, 20 May 2018 - 12:49 GMT

FILE - Minister of Planning Hala el-Saeed

FILE - Minister of Planning Hala el-Saeed

CAIRO – 20 May 2018: Egypt’s unemployment rate has fallen to its lowest level in four years, recording 10.6 percent during the third quarter of fiscal year 2017/18, the Ministry of Planning, Follow-up and Administrative Reform announced on Saturday.

It is further expected to keep declining to 8.5 percent in fiscal year 2021/22.

On its official Facebook page, the ministry posted an infograph showing the steps undertaken lately by the government towards an inclusive and sustainable economy.

It further highlighted that leveraging the current economic status will help unlock job opportunities, with an annual average of 710,000 job opportunities recorded to have been available from 2015-2017.

Over the past four years, LE 1.2 trillion ($67.4 billion) was forked out by the government to develop infrastructure and spur economic growth.

As much as about LE 26 billion was directed for the development of the governorates of Upper Egypt within the plan of 2018/19 and another LE 3 billion is allocated to implement development projects in the provinces of South and North Sinai, the ministry added, while affirming its commitment to closing the funding gaps and ensuring equal distribution of the fruit of the economic growth among all governorates.

In 2017, the unemployment rate slipped to 11.8 percent, compared to 12.5 percent in 2016, the Central Agency for Public Mobilization and Statistics (CAPMAS) previously announced.

CAPMAS said that the unemployment rate among young people from 15 to 29 years old recorded 24.8 percent of the total labor force in 2017, clarifying that the rate among males reached 20 percent, while it reached 36.5 percent among females.

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