Egypt's unemployment rate drops to lowest rate in 30 years

MENA , Saturday 26 Oct 2019

Unemployment rate
Egypt's unemployment rate from 1990 to 2019 (Source: Ministry of Planning, Ministry of Finance, Central Bank, Central Agency for Public Mobilization and Statistics)

Egypt's cabinet media center announced that the unemployment rate in Egypt reached the lowest level in 30 years with 7.5% in the second quarter of 2019, compared with 9.9% one year earlier. 

The drop has been achieved thanks to main factors; including the implementation of 9,039 projects by the state during the period from July 2014 to December 2018 at a total cost of EGP 2.1 trillion, the center said in an info-graphic posted on its official website on Saturday.

The drop was also attributed to loans and facilities granted to companies and MSEs institutions at a value of EGP 144.2 billion during the period from December 2015 to June 2019, serving over 565,000 clients.

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