Egypt's Unemployment Rate Drops to 11.8 Percent In 2017

Turkey’s unemployment rate moves up 0.4pp to 10.8% in January

Unemployment rate in Turkey rose in January for the third consecutive month, positioned at 10.8 percent, authorities from Turkish Statistical institute (TUIK) reported Monday.

"Unemployment among males recorded 8.2 percent in 2017, down from 8.9 percent in 2016", the report said, adding that the gender gap resulted in a 23.1 percent unemployment rate for females in 2017, down from 23.6 percent in 2016.

The seasonally adjusted unemployment rate was 9.9 percent in the January period without any change compared to the previous period.

The figures presented by CAPMAS showed that the rate of unemployment among youth whose age range between 15 to 29 is 24.8 percent. In 2017, the number of unemployed people recorded some 3.46 million. The participation rate was 51.5% in January 2017. The number of employed persons increased by 1.36mn from January 2017 to January 2018.

The report said 25 percent of Egyptian employees work in agricultural and fishing sectors, 12.9 percent in building and construction sectors and 12.6 percent in wholesale and retail trade. Egypt's growing population also contributes significantly to the problem.

Lall added that the private sector alone can provide these opportunities through the establishment of small and medium enterprises, and the expansion of existing companies where it is hard for the public sector to step in.

In order to decrease the rates of unemployment, high rates of economic growth are needed. Egypt witnessed a growth rate of 5.3 percent in the second quarter of fiscal year 2017/2018, targeting to achieve a rate of 5.8 percent during the next fiscal year, and 7 percent in 2022.

Egypt 2030 Vision aims to reduce unemployment from the current percentage to 4 percent.



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