Unemployment rate in Egypt rose to 7.4% by end of Q3

The unemployment rate in Egypt increased to 7.4 per cent during the third quarter of 2022, up from 7.2 per cent in the second quarter of the year, the state-statistics agency reported.

The Central Agency for Public Mobilisation and Statistics said the number of unemployed people in the local market increased by 99,000 people to 2.25 million during the third quarter of the year.

The unemployment rate among males was 1.3 million, compared to 934,000 females in the same period.

The agency said the labour force is estimated to be 30.264 million individuals, compared to 29.985 million individuals during the previous quarter; an increase of 0.9 per cent.

The Ukrainian crisis has negatively affected the Egyptian economy with the rise in food prices and the fluctuation of supply chains, in addition to the rise in energy prices.

Egypt has recently concluded a $3 billion agreement with the International Monetary Fund (IMF). The deal was accompanied by an economic reform package and the devaluation of the local currency.

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