Unemployment at lowest level since 2012

Unemployment in Egypt declined to 12.9 percent in the fourth quarter of 2014, after peaking at 13.4 percent in late 2013.

Out of a labor force of 27.7 million people, 3.7 million Egyptians were unemployed in the fourth quarter, which spanned October-December 2014. According to state statistics agency CAPMAS, around 63 percent of the unemployed are under 30 years old, and 67 hold at least a high school diploma.

The last time official unemployment figures stood below 13 percent was in the third quarter of 2012, when the figure stood at 12.5 percent.

Unemployment held steady at 13.4 percent from the third quarter of 2013 until the second quarter of 2014, when it dropped to 13.3 percent. In the third quarter, the official unemployment level was 13.1 percent.

CAPMAS attributes the improving figures to an uptick in economic activity.

After dismal growth the year before, Egypt’s GDP growth rate hit 6.8 percent in the first quarter of the 2014/15 fiscal year, which began in July 2014.

Egyptian officials say Egypt is on track to see full-year GDP growth exceeding 4 percent.

In the final quarter of 2010, when the GDP growth rate was around 5.15 percent, unemployment stood at 8.9 percent.