Egypt's unemployment rate drops to 11.8 pct in 2017: report

17 Apr 2018

The Egyptian authorities said on Monday that the country's unemployment rate fell to 11.8 percent in 2017 from 12.5 percent a year ago, official al-Ahram online website reported.

The unemployment stood at 14.5 percent in urban areas in 2017, versus 9.8 percent in rural areas, according to a report by Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS).

'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.

Among young people aged between 15 and 29, the unemployment rate was 24.8 percent in 2017.

The labor force in 2017 included 29.47 million Egyptians, up from 28.93 million in 2016.

The report said 25 percent of Egyptian employees work in agricultural and fishing sectors, 12.9 percent in building and construction sectors and 12.6 percent in wholesale and retail trade.

Egypt has been facing an economic recession over the past few years due to political turmoil and relevant security issues, which led to declining tourism and foreign investments amid growing budget deficit, inflation and foreign and domestic debts.

Egypt started a three-year reform program in late 2016, including subsidy cuts, tax hikes and full floatation of the local currency.

Egypt's economic reform program is being encouraged by a 12-billion-U.S.-dollar loan from the International Monetary Fund, half of which has already been delivered to the most populous Arab and North African country.

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