Egyptian unemployment falls

30 November 2007
Egypt’s unemployment rate fell to 8.9 per cent in the three months to the end of September as the country’s far-reaching economic liberalisation began to increase the number of jobs available.

Some 2.1 million people were unemployed out of a workforce of 23.5 million during the July to September quarter, compared with 2.5 million unemployed or 11.1 per cent of the workforce during the same quarter of 2006.
The Economic Development Ministry, which released the unemployment figures, also announced that the economy grew at an annualised rate of 6.9 per cent during the three-month period.
The International Monetary Fund is forecasting economic growth in Egypt of around 7 per cent during the current financial year, which ends in June 2008.
The economy grew 7.1 per cent over the 12 months to the end of June 2007.

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