Egypt’s Prime Minister, Mostafa Madbouly, has announced that the country’s unemployment rate dropped to 6.4% in the fourth quarter (Q4) of the 2024/2025 fiscal year. This marks one of the lowest unemployment levels recorded in nearly two decades.
Speaking at a press conference following the weekly cabinet meeting, Madbouly addressed reports on Egypt’s unemployment, emphasizing that some figures previously published needed correction. He recalled that the unemployment rate stood at 13% in 2014, meaning it has since been reduced by more than half.
The Prime Minister highlighted that unemployment among young people aged 15-29 is now at 14.2%, a significant drop from 26.5% a decade ago. He assured that these statistics are measured in line with international standards and verified by global institutions.
Madbouly also reaffirmed that Egypt’s economic position remains strong, citing official indicators. He noted that the country’s GDP growth rate for Q2 of FY2024/2025 reached 4.3%, describing it as a positive development.
His remarks followed a statement by Steve Witkoff, the special Middle East envoy of former U.S. President Donald Trump. In an interview with online news anchor Tucker Carlson, Witkoff expressed concerns over regional stability, claiming that unemployment among Egyptians under 25 was around 45%.
Witkoff’s statement sparked controversy in Egypt, as officials argue that the country’s economy is on a steady path, with unemployment figures showing consistent improvement.
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s unemployment rate fell from 6.7% in Q3 to 6.4% in Q4 of 2024. The agency also reported that the country’s labor force grew by 2.8%, rising from 32.218 million in Q3 to 33.124 million in Q4.
