CAIRO – 16 November 2023: In the latest report released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's unemployment rate climbed to 7.1 percent, up from the 7 percent recorded in the second quarter.
CAPMAS further disclosed that the labor force in Egypt grew during the third quarter, with a total of 31.956 million individuals actively participating in the workforce. This figure represents a notable increase compared to the previous quarter, which saw 30.969 million individuals engaged in employment.
The rise in the unemployment rate can be attributed to the addition of 893,000 employees during the current quarter, compared to the previous quarter. Furthermore, CAPMAS reported that the number of unemployed individuals stood at 94,000 in the second quarter of 2023.
The report also provided insights into the distribution of the labor force across different regions. In urban areas, the labor force comprised 13.928 million individuals, while in rural areas, it reached 18.028 million individuals. Regarding gender, the labor force consisted of 26.103 million males and 5.853 million females.
Earlier this year, the Egyptian government unveiled its ambitious plans to generate approximately 800,000 new job opportunities throughout the fiscal year 2023/2024. These jobs are expected to be created in key sectors such as agriculture, construction, retail, and manufacturing, as outlined by the Ministry of Planning and Economic Development.
Ahmed Kamali, the Deputy Minister of Planning and Economic Development, highlighted that Egypt's investment plan for fiscal year 2023/2024 will prioritize two main elements: human development and stimulating the private sector. These initiatives aim to foster economic growth, create employment opportunities, and enhance the overall well-being of the Egyptian population.
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