Unemployment rate in Egypt stands at 7.1% in Q3/2023: CAPMASSource: www.export-egypt.com 11/15/2023, Location: Africa |
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Egypt reported 2.263 million unemployed individuals in the third quarter (Q3) of 2023, accounting for 7.1 percent of the total workforce, according to a statement released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The figure represents a slight increase from 7 percent in the previous quarter, marking the first quarterly rise in unemployment rates this year. The CAPMAS recorded 94,000 unemployed individuals in the second quarter of 2023. The country’s overall workforce, including employed and unemployed individuals, reached approximately 31.956 million in Q3, nearly 3.2 percent up compared to the previous quarter, according to the CAPMAS. The urban workforce accounted for 13.928 million individuals, compared to 18.028 million in rural areas. Additionally, male workers constituted 26.103 million individuals versus 5.853 million female workers. The Egyptian government seeks to create around 800,000 new jobs, mainly in agriculture, construction, retail, and manufacturing, during the fiscal year 2023/2024 to accommodate the anticipated increase in the unemployment rate. The government expects the labour force to reach 29.1 million in FY2023/2024, with an anticipated unemployment rate of 7.6 percent. Meanwhile, the Egyptian Ministry of Labour and Immigration is currently drafting the National Strategy for Employment, which will contribute to outlining the market needs to reduce the unemployment rates. |
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