CAIRO: Egypt’s unemployment rate dipped by 0.1 percent in the second quarter of 2014 compared to the first quarter of the current year, reaching 13.3 percent of the country’s total labor force, according to the Central Agency for Public Mobilization and Statistics (CAPMAS)’s Saturday quarterly report.
The unemployment rate reached 13.3 percent in 2014 compared to 9.0 percent in the same quarter of 2010, with an increase of 4.3 percent. CAPMAS’s report attributed the increase in the unemployment rate to the slowdown in Egypt’s economic activities, especially in labor-intensive activities like construction, agriculture and tourism.
The number of working Egyptians reached 23.9 million, with the total labor force recording 27.6 million; 19.1 million of which are male, increasing by 0.2 percent compared to this year’s first quarter and by 0.05 compared to 2010, and 4.8 million females, increasing by 0.06 compared to this year’s first quarter and by 1.5 compared to 2010.
The number of working Egyptians in rural areas reached 13.8 million, a decrease of 0.3 percent compared to last quarter and 0.4 percent compared to 2010.
The current government plans to eradicate Egypt’s unemployment problem through the new Suez Canal project, which was launched by President Abdel Fatah al-Sisi on August 5.
The new Suez Canal project, which aims to build a new 72-km branch of the Suez Canal with a total cost of $4 billion alongside the existing Suez Canal, will “completely eliminate Egypt’s unemployment problem as it will offer almost one million jobs,” Suez Governor El Arabi al-Serwi said in a June 15 statement.
Minister of Manpower Nahed Hasan Ashry announced the establishment of a permanent committee including 11 ministries and nine other authorities for the provision of the required labor for the new Suez Canal project, which is expected to be one of the world’s most important thoroughfares for trade, Dream TV channel aired Saturday.
“We are working to get out of a circle of poverty with work, perseverance, efforts and struggle in order to achieve what we want for this country,” Sisi announced during the inauguration of new Suez Canal project.