The Central Agency for Public Mobilization and Statistics in Egypt revealed that the unemployment rate declined to 7.3% in the third quarter of this year, compared to 7.8% a year ago.
The agency attributed this decline to the return to normal daily activities, after the gradual easing of the precautionary decisions taken by the country to limit the spread of the Coronavirus during the previous quarter. The unemployment rate had risen to 9.6% from April to June due to the economic repercussions of the Coronavirus.
According to the agency, the labor force reached 28.171 million individuals, up by 5.6% compared to the previous quarter, while the number of unemployed reached 2.061 million, down by 151 thousand on an annual basis. The number of unemployed reached 2.061 million, or 7.3% of the total workforce, compared to 2.574 million unemployed in the second quarter of 2020, a decrease of 513 thousand unemployed by 19.9%, and a decrease of 151 thousand unemployed from the same quarter of the previous year by 6.8%.
The Egyptian non-oil producing companies witnessed a strong increase in activity at the beginning of the fourth quarter of the year, in light of reports of improved market conditions, which led to a strong rise in customer demand.
Source (Asharq Al-Awsat Newspaper, Edited)
