Egypt's unemployment rate hits record high in second quarter
Total number of unemployed Egyptians now stands at some 3.4 mn, more than quarter of whom have recently lost jobs, according to official statistics agency CAPMAS
Hend El-Behary , Tuesday 14 Aug 2012
The national unemployment rate rose to 12.6 per cent in the second quarter of 2012 up from 11.8 per cent for the same quarter last year, Egypt's official statistics agency CAPMAS reported on Tuesday.
According to CAPMAS, the total number of unemployed Egyptians currently stands at 3.395 million, more than a quarter of whom have recently lost their jobs.
CAPMAS figures further reveal that the unemployment rate for women (24.1 per cent) is almost triple that for men (9.2 per cent).
Unemployment in urban areas, meanwhile, stands at 16.2 per cent, more or less the same level as that for the last quarter. Joblessness rates stand at 9.8 per cent in rural areas, where agriculture and fishing – the main economic activities – absorb almost one third of the total labour force.
Unemployment rates for young people (from 15 to 29 years old) hit a whopping 77.5 per cent in the second quarter of 2012, 41.4 per cent for those between 20 and 24 years old and 25.3 per cent for those between 25 and 29 years old.
Holders of intermediate, university and higher degrees – some eight out of ten of whom cannot find work – have been the most affected by skyrocketing unemployment, according to CAPMAS.