عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Unemployment in Egypt Drops to 2011 levels

Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh
Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh
TT
TT

Unemployment in Egypt Drops to 2011 levels

Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh
Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh

Unemployment rates in Egypt fell during the third quarter of 2017 registering the lowest rate since 2011’s first quarter, as national economic growth.

Egypt's unemployment rate had worsened with a popular uprising to oust former President Hosni Mubarak in January 2011, rising from 8.9 % in the fourth quarter of 2010 to 11.9 in the first quarter of the following year.

However, unemployment fell to 12 % in the first three months of this year, its lowest level in more than five years, and then fell in the following months to 11.9 percent in the third quarter.

The economic growth in the country has been negatively affected by prolonged political instability after the former president stepped down, coupled with the mixed ripple effect of energy crises and global economic slowdown.

However, the International Monetary Fund’s forecasts reflect a relative recovery of the country's economy.

First, growth is expected to rise to 4.5% in the current fiscal year, from 4.1% in 2016 to 2017, and the fiscal year will begin on July 1 and end in June.

According to a statement issued by the Central Agency for Public Mobilization and Statistics (CAPMAS), the largest percentage of workers during the third quarter of 2017 was operating in the agriculture and fishing sector, which accounted for 21.4% of total employment.

The wholesale and retail trade sector accounted for 13.5% and the construction sector by 13.3%.

The manufacturing sector registered 12.5 % and the transport and storage sector by 8 %.

According to the latest data available on the Central Bank of Egypt website, economic growth in the period from 2016 to April 2017, the agriculture sector grew by 3.1%, the wholesale and retail sector by 4.7%, while the construction index grew by 8.5%. Manufacturing industries recorded the lowest growth rate among these sectors at 2.7 %.

But despite the fact that youth call for greater opportunities in the economy was one of the most demands at the January 2011 demonstrations, unemployment data for the third quarter of this year reflect the inability of economic growth to respond to these requests.

Statistics indicate that 79.5% of the total unemployed belong to the age group between 15 and 29 years old.

Recent data on the labor market in Egypt show that the majority of those unemployed are holders of intermediate and university degrees, amounting to 92.9%.

According to the Statistics Service, 40.6 % of the unemployed have university qualifications and above, and 52.3 % of those with intermediate qualifications.

Most Viewed

 
 
Business

Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
TT
TT

Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)

Chile's state-owned copper producer, Codelco, together with Chinese-backed private miner, SQM, announced on Saturday the creation of a giant company to exploit lithium, often referred to as "white gold."

The South American country is the world’s second-largest producer of lithium, a key component of EVs and other clean technologies and has about 40% of the world’s lithium reserves.

The partnership between the firms will allow them to jointly ramp up the exploration of lithium in the Atacama region of northern Chile.

The public-private partnership will be named Nova Andino Litio SpA, said Codelco, which described the agreement as one of the most significant deals in Chilean business history.

The Chinese firm Tianqi holds 22% stake in SQM.

In a statement, Codelco said the new partnership will carry out lithium exploration, extraction, production, and commercialization activities in the Atacama salt flat until 2060.

The agreement was approved by more than 20 national and international regulatory authorities, including those in China, Brazil, Saudi Arabia, and the European Union.

Chile was the last of the countries to clear the deal. Last month, China gave the green light to the planned partnership between Codelco and SQM.

The new venture is intended to help Chile regain global leadership in lithium production, a position it lost to Australia nearly a decade ago.

The partnership aims to expand lithium output in the Atacama region, with plans to increase production by around 300,000 tons per year. In 2022, Chile produced 243,100 tons of lithium.

The partnership also aligns with Chile’s National Lithium Strategy, announced in 2023 by the leftist government of President Gabriel Boric, aimed at reclaiming Chile’s global leadership in lithium production.

Business

China's BYD Poised to Overtake Tesla in 2025 EV Sales

The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
TT
TT

China's BYD Poised to Overtake Tesla in 2025 EV Sales

The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)

Growing Chinese auto giant BYD stands poised to officially surpass Tesla as the world's biggest electric vehicle company in annual sales.

The two groups are expected soon to publish their final figures for 2025, and based on sales data so far this year, there is almost no chance the American company led by Elon Musk will retain its leadership position.

At the end of November, Shenzhen-based BYD, which also produces hybrid vehicles, had sold 2.07 million EVs so far in 2025.

Tesla, for its part, had sold 1.22 million by the end of September.

Tesla's September figures included a one-time boost in sales, to nearly half-a-million vehicles in a three-month period, before the expiration of a US tax credit for buyers of electric vehicles -- which ended under legislation backed by President Donald Trump, a climate change skeptic.

But Tesla's sales in the coming quarter are expected to fall to 449,000, according to a FactSet analysis consensus. That would give Tesla about 1.65 million sales for all of 2025, a drop of 7.7 percent and well below the level BYD had attained by end November.

Deutsche Bank, which projects just 405,000 Tesla EV sales during the fourth quarter, sees the company's sales down by around one-third in both North America and Europe, and by one-tenth in China.

- Transition period -

Industry watchers say it will take time for EV demand to reach a level of equilibrium in the United States following the elimination of the $7,500 US tax credit at the end of September 2025.

Even prior to that, Tesla had seen sales struggle in key markets over CEO Musk's political support of Trump and other far-right politicians. Tesla has also faced rising EV competition from BYD and other Chinese companies and from European giants.

"We believe Tesla will see some weakness on deliveries" in the fourth quarter, said Dan Ives of Wedbush Securities.

Sales of 420,000 would be "good enough to show stable demand," with Wall Street "laser focused on the autonomous chapter kicking off in 2026," Ives added, referring to plans for self-driving vehicles.

Even as it has grown quickly, BYD has faced challenges in its home market.

With profitability in China weighed down by price-wary consumers, the company has sought to strengthen its foothold in foreign markets.

BYD is "one of the pioneers to establish overseas production capacity and supply chains for EVs," Jing Yang, Director of Asia-Pacific Corporate Ratings at Fitch Ratings, told AFP.

"Going forward, its geographical diversification is likely to help it to navigate an increasingly complicated global tariff environment," said Yang.

Overseas rivals to BYD have balked at Chinese state subsidies and other state supports that have allowed the company to sell vehicles cheaply.

Trump's predecessor Joe Biden imposed 100 percent tariffs on Chinese EV imports that could potentially go even higher under Trump. Europe has also imposed tariffs on Chinese imports, but BYD is building manufacturing capacity in Hungary.

While the chance of Tesla reclaiming its global leadership in EVs looks uncertain, the American company is also potentially positioned for growth.

Michaeli of TD Cowen sees autonomous technology playing an increasingly important role for Tesla, with breakthroughs in its "full self-driving" or "FSD" offerings potentially boosting sales.

"As Tesla really begins to roll out eyes-off features and expand FSDs capability, if they do that successfully, that should generate more demand for their vehicles," Michaeli said.

Musk has said the Cybercab, an autonomous robotaxi model, will begin production in April 2026. The company has also unveiled lower-priced versions of the Models 3 and Y that could boost sales.

Business

China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
TT
TT

China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)

China will on January 1 launch an "action plan" for boosting management and operations of its digital currency, a deputy governor of the country's central bank said Monday.

"The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system," People's Bank of China (PBoC) Deputy Governor Lu Lei wrote in Financial News, a media outlet under the central bank.

In the next step towards that goal, a "new generation" arrangement for digital yuan will be launched on January 1, Lu said, encompassing a "measurement framework, management system, operating mechanism and ecosystem".

The "action plan" will see banks pay interest on balances held by clients in digital yuan -- a move to incentivize broader adoption of the currency.

The plan also includes a proposal to establish an international digital yuan operations center in the eastern financial hub of Shanghai, the report said.

Monetary authorities around the world have in recent years been exploring ways to digitalize currencies, propelled by a boom in online payments during the pandemic and the increased popularity of cryptocurrencies such as bitcoin.

The PBoC has been working on a digital currency since 2014 and has been testing the use of a "digital yuan" or "e-CNY" in various pilot programs.

Consumers across the country already widely use mobile and online payments, but the digital yuan could allow the central bank -- rather than the big tech giants -- access to more data and control over payments.