The unemployment rate in the third quarter of last year was 7.4%.
The number of unemployed fell in the first quarter of this year to 2 million 171 thousand people, compared to 2 million 185 thousand people in the previous quarter.
The number of unemployed men in the first quarter reached 1.1 million, while the number of women reached one million women.
The labor force in Egypt increased by 0.7% in the first quarter of this year to 30.5 million people, compared to 30.3 million people in the fourth quarter of 2022.
The reason for the increase is due to the increase in the number of employed by 241,000 workers in the current quarter compared to the previous quarter and the decrease in the number of unemployed by 14,000, which resulted in an increase of the working population. by 227,000 individuals.
The unemployment rate in urban areas was 10.3%, compared to 4.7% in rural areas, during the first quarter of 2023.
Markets await Thursday’s decision from the Central Bank of Egypt on interest rates, and a Reuters poll on Monday showed that the Central Bank of Egypt is expected to leave overnight interest rates unchanged after a slight decline in inflation in April and after raising interest rates by 200 basis points in March.
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