Cairo – About 2.3 million Egyptians lost their jobs during the fourth quarter (Q4) of fiscal year 2019/2020, due to the restrictions imposed by the government to combat the coronavirus (COVID-19) pandemic, according to a report released by the Ministry of Finance.
The retail and wholesale sector accounted for 28% (624,000) of total jobs cuts during the April-June period, followed by the manufacturing sector with 25% (569,000), the food and hospitality sector with 21% (469,000), the transport and storage sector with 14% (309,000), and construction sector with 13% (288,000), the report showed.
Data by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed that unemployment rate reached 9.6% in Q2-20, its highest level in two years due to the pandemic, compared to 7.7% in Q1-20.
In Q3-20, unemployment rate bounced back to pre-pandemic levels to register 7.3% due to lifting some COVID-19 restrictions.
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