Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
TT

Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)

Egypt announced that unemployment rates dropped to the lowest in nearly 19 years, citing several international institutions that projected further job growth in the coming years.

The Cabinet Media Center published a report noting a positive change in the international view of the country's unemployment and employment levels.

The World Bank expected unemployment to continue to decline, reaching seven percent, by the year 2023/2024, noting that the impact of the initial shock of the coronavirus pandemic on unemployment has started to recede.

The report reviewed the quarterly unemployment rate in Egypt and stated that it is at its lowest level since 2004.

The unemployment rate reached 7.2 percent in the first, second, and fourth quarters of 2022, 7.4 percent during the third quarter, 7.4 percent in the first and fourth quarters of 2021, 7.3 percent in the second quarter, and 7.5 percent in the third quarter.

The center attributed the decline to state efforts in adopting a national strategy to confront unemployment. The strategy aims to achieve sustainable development plans and work through systematic foundations to address the needs of the labor market, qualify the working cadres and raise their efficiency and readiness.

It quoted the "Oxford Business Group" as saying that Egypt could benefit from its economic potential within the framework of generating considerable and sustainable social benefits, evident through the drop in unemployment rates.

The Group said Egypt needed to reduce unemployment, which reached 12.6 percent in 2016 and should focus on vocational training to prepare skilled workers.

The report reviewed the most important indicators of the labor market, with the labor force increasing by 9.4 percent, or 30.3 million individuals, in the fourth quarter of 2022, compared to 27.7 million in the fourth quarter of 2014.

The number of workers increased by 17 percent, or 28.2 million individuals, in the fourth quarter of 2022, compared to 24.1 million in the fourth quarter of 2014.

Unemployed individuals decreased by 38.9 percent, reaching 2.2 million in the fourth quarter of 2022, compared to 3.6 million in the fourth quarter of 2014.

The report discussed the most important economic activities contributing to creating new job opportunities, reviewing the most important economic activities to which the most significant number of workers shifted during the fourth quarter of 2022.

Moreover, about 233,000 workers shifted to work in agriculture and forest exploitation, 126,000 to education, 66,000 to electricity and gas supply, and 62,000 changed their occupation to construction.



Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT

Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices drifted lower on Thursday after a surprise jump in US gasoline inventories, with investors focusing on the OPEC+ meeting this weekend to discuss oil output policy.
Brent crude futures fell by 14 cents, or 0.2%, to $72.69 per barrel by 0401 GMT, while US West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel.
Trading is expected to be light due to US Thanksgiving holiday kicking off from Thursday.
Oil is likely to hold to its near-term bearish momentum as the risks of supply disruption fade in the Middle East and stemming from the higher-than-expected US gasoline inventories, said Yeap Jun Rong, a market strategist at IG.
US gasoline stocks rose 3.3 million barrels in the week ended on Nov. 22, the US Energy Information Administration (EIA) said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel.
Slowing fuel demand growth in top consumers the United States and China has weighed heavily on oil prices this year, although supply curtailments from OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, have limited the losses.
OPEC+ will meet on Sunday. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike that was due to start in January.
A further deferment, as expected by many in the market, has mostly been factored into oil prices already, said Suvro Sarkar, energy sector team lead at DBS Bank.
"The only question is whether it's a one-month pushback, or three-month, or even longer. That would give the oil market some direction. On the other hand, we would be worried about a dip in oil prices if the deferments don’t come," he said.
The group, which pumps about half the world's oil, had previously said it would gradually roll back oil production cuts with small increases over many months in 2024 and 2025.
Brent and WTI have lost more than 3% each so far this week, under pressure from Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group. The ceasefire started on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the top producing Middle East region.
Market participants are uncertain how long the break in the fighting will hold, with the broader geopolitical backdrop for oil remaining murky, analysts at ANZ Bank said.
Oil prices are undervalued due to a market deficit, heads of commodities research at Goldman Sachs and Morgan Stanley warned in recent days, also pointing to a potential risk to Iranian supply from sanctions that might be implemented under US President-elect Donald Trump.