Egypt's Unemployment Rate Fell to 6.6% in 2024
Compared to 2023, the number of unemployed fell by around 77,000 people, marking a 3.5% decrease, according to CAPMAS.
Egypt’s unemployment rate dropped to 6.6% in 2024, down 0.4% from the previous year, according to the Central Agency for Public Mobilization and Statistics. Official figures recorded 2.113 million unemployed individuals across the country, including 1.091 million males and 1.022 million females. Compared to 2023, the number of unemployed fell by around 77,000 people, marking a 3.5% decrease.
Employment estimates reached 29.93 million in 2024, compared to 28.96 million in 2023, a 3.3% year-on-year increase. Egypt’s domestic population was recently reported at 107.5 million, highlighting a growing labor market as job opportunities expanded across sectors.
Earlier data from CAPMAS showed the unemployment rate falling to 6.4% in the fourth quarter of 2024, from 6.7% in the third quarter. At the same time, Egypt was finalising agreements with Kuwait and Qatar to shift USD 8 billion worth of deposits into investments within the country, boosting economic momentum.
Egypt’s economic activity has been shaped by its recent agreement with the International Monetary Fund for an USD 8 billion loan and a series of foreign investment deals, including a USD 24 billion real estate project on the Mediterranean coast. Inflation has also eased, with rates dropping to 13.6% year-on-year in March, and interest rates cut for the first time since 2020.
