Egypt's unemployment rate reaches record low of 6.9% in Q4 2023

Egypt's unemployment rate hit 6.9 percent at the end of the fourth quarter (Q4) in 2023, marking a significant stabilization at its lowest point, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

 

The unemployment rate was 7.1 percent in the third quarter of 2023 and 7.2 percent in the corresponding quarter of 2022.

 

The workforce, totaling 31.101 million individuals in Q4 2023, witnessed a 2.7 percent decrease from the preceding quarter's 31.956 million individuals.

 

The number of unemployed individuals stood at 2.159 million, constituting 6.9 percent of the total workforce. This reflects a noteworthy reduction of 104 thousand unemployed individuals or 4.6 percent compared to the preceding quarter. Additionally, there was a decrease of 26 thousand unemployed individuals compared to the same quarter in 2022, signaling a percentage decrease of 1.2 percent.

 

In 2023, 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.