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Egypt unemployment rate hit 12.7% in 2012: CAPMAS

242,000 people joined ranks of unemployed in 2012 as jobless total hit 3.4 million, official statistics agency says

Ahram Online, Tuesday 16 Apr 2013
(Photo: AP)
Views: 4266
Views: 4266

Egypt's unemployment rate for 2012 grew to 12.7 percent, mainly due to the "circumstances that followed the January 25 Revolution," the country's official statistics agency, CAPMAS, said on Tuesday.

Around 242,000 joined the unemployment lines in 2012 as the jobless total reached 3.4 million out of a labour force of 27 million.

The Egyptian economy was severely hit by the aftermath of the 2011 uprising that ousted Hosni Mubarak. The growth rate plummeted and the budget deficit soared, leading the government to crowd out the private sector in the debt market.

The government forecasts a total economic growth rate of 3 percent in the current fiscal year, ending on 30 June, lower than an earlier estimate of 3.5 percent. Analysts say such figures are insufficient to create enough jobs to significantly reduce unemployment.

Egypt's unemployment rate rose from 9 percent in 2010 to 12.4 percent in 2011.

A whopping 77 percent of Egypt's unemployed are between the ages of 15 and 29. Over 80 percent of unemployed people have at least a high school diploma and a third have a university degree. Urban unemployment is significantly higher than in rural areas at 16.3 and 9.9 percent respectively.

As for the 23.6 million employed in Egypt, 62.5 percent are wage earners while 16 percent are self-employed.

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16-04-2013 01:36pm
Are we supposed to believe this?
I know illiteracy is high in Egypt but please, do not insult your readers with such nonsense. 12.7% unemployment ? Are we supposed to believe that unemployment in Spain is TWICE the level of Egypt ? Unless we have real transparency, real acceptance of our economic facts and challenges, then we will never put in action the correct remedies. Shame on CAPMAS !
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