Egypt’s unemployment rate saw a decline of 0.2 percentage points to 6.7 percent during the first quarter of 2024 compared to 6.9 percent during the fourth quarter of 2023. In its latest release, the Central Agency for Public Mobilization and Statistics (CAPMAS) also revealed an increase of 1 percent in Egypt’s total labor force, rising to 31.39 million from 31.1 million. Egypt’s urban labor force recorded a total of 13.75 million individuals while the rural labor force totaled 17.63 million.
Male participation remains much greater than female participation with 25.537 million males compared to 5.860 million females.
CAPMAS revealed that 351,000 individuals found employment during Q1 of 2024, while 55,000 individuals became unemployed. Therefore, Egypt’s labor force expanded by 296,000 individuals.
Therefore, total employment rates rose 1.2 percent to 29.293 million employed individuals, a significant increase from 28.942 million in Q4 of 2023. In urban areas, total employment reached 12.464 million in urban areas, while the number hit 16.829 million in rural areas. Meanwhile, total unemployment across Egypt declined 2.5 percent compared to the previous quarter.
Read: Saudi Arabia maintains steady inflation rate of 1.6 percent in April 2024
In Egypt, there are currently 2.1 million people unemployed, 1.13 million of whom are males and 968,000 are females. Therefore, the male unemployment rate reached 4.4 percent, while the female unemployment rate reached a staggering 16.5 percent. Regionally, urban unemployment reached 9.4 percent during Q1, while rural unemployment reached 4.6 percent.
Notably, the report reveals that 82.5 percent of jobless individuals in Egypt hold either intermediate or university degrees.
For more news on the economy, click here.
