Egypt’s unemployment rate rises slightly to 6.7% in Q3
Updated 11/14/2024 4:45:00 AM
Arab Finance: Egypt's unemployment rate saw a modest increase in the third quarter (Q3) of this year, rising to 6.7% from 6.5% in Q2, as per data from CAPMAS.
The rise in unemployment was largely driven by an expansion in Egypt's labor force, which grew by 2.5% quarter-on-quarter (QoQ), reaching 32.2 million in Q3 2024.
This increase included 694,000 new workers joining the employed sector, while 101,000 people entered the ranks of the unemployed.
The unemployment rate among women saw a notable increase, rising by 0.9 percentage points to 18.2% in Q3 2024.
This marks a full percentage point increase compared to the same quarter last year. In contrast, the unemployment rate for men remained steady at 4.2%, down 0.6 percentage points from the previous year.
Youth unemployment continues to be a significant challenge, with those aged 15-29 accounting for 65.7% of all jobless individuals in the third quarter, up from 64.2% in the second quarter of 2024.
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