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Sunday, 17 November 2019

Egypt’s unemployment rate inches up to 7.8% in 3Q2019

Unemployment rises unexpectedly for first time in a year: Egypt’s unemployment rate rose for the first time in a year in 3Q2019 after it ticked up to 7.8% from 7.5% in 2Q2019, Capmas figures showed on Thursday. Unemployment was down 2.2% on an annual basis, the state statistics agency showed. The last time unemployment rose was in 3Q2018, when the rate rose slightly to 10% from 9.9%. Unemployment has been falling consistently in recent years, reaching multi-decade lows of 7.5% in 2Q2019. Planning Minister Hala El Said attributed this to non-oil business activity growing and increasing optimism expressed by businesses.

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