Unemployment rate falls to 11.8% in 2017

Unemployment rate falls to 11.8% in 2017

The Egyptian authorities said on Monday that the country's unemployment rate fell to 11.8 percent in 2017 from 12.5 percent a year ago, official al-Ahram online website reported.

The youth unemployment rate-the 15-24 age group-was 19.9 percent, down 4.6 percentage points year-on-year in January.

This indicator grew 0,4 percent in comparison with December 2017, and it is the highest rate of the past 10 months, although the number of unemployed decreased by 576.000 persons compared to January 2017.

On Sunday, Egypt's minister of finance Amor el-Garhy stated during a general session at the parliament that the economic reform program undertaken by Egypt has contributed to the reduction of unemployment rate by 2,3 percent over the past three years, saying that the projects implemented by the government are providing new job opportunities. The participation rate was 51.5% in January 2017.

The report revealed that the labor force recorded 29.47 million individuals in 2017, compared to 28.93 million individuals in 2016, with a 540,000 individual increase.

More than 55 percent of total employment was in the services sector, 19.9 percent in industry, 17.7 percent in agriculture, and 7 percent in construction.

Lall added that the private sector alone can provide these opportunities through the establishment of small and medium enterprises, and the expansion of existing companies where it is hard for the public sector to step in. On April 9, Turkish President Recep Tayyip Erdogan lashed out at those who claim Turkey's astrononomic growth rates are excessive and are indicative of economic overheating, claiming they speak out of jealousy.

The upcoming budget seeks to lower the unemployment rate to 10.4 percent with an inflation rate of 13 percent.

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