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Sunday, 6 December 2020

Egypt’s poverty rate falls for the first time in two decades

Egypt’s poverty rate decreased for the first time in 20 years in FY2019-2020, according to Capmas’ latest income and expenditure survey. The proportion of the population living below the poverty line — defined by the agency as anyone living on less than EGP 857 a month — fell to 29.7% during the past two fiscal years, having shot up almost five percentage points to 32.5% in FY2017-2018, the local press reports. The rate of extreme poverty decreased to 4.5% from 6.2% during the two-year period.

Incomes rise: The average annual net income for a family increased 15% to EGP 69.1k, with the urban population seeing an increase of 16.3% and people living in rural areas seeing a 13.3% rise. The adjusted poverty line for individuals was raised to EGP 857 from EGP 736 in FY2017-18, Capmas advisor Heba El Leithy said.

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