Egypt 2012 unemployment hits 12.7%

242,000 people joined ranks of unemployed in 2012 as jobless total hit 3.4 million, official statistics agency saysAround 242,000 joined the unemployment lines in 2012 as the jobless total reached 3.4 million out of a labour force of 27 million.The Egyptian economy was severely hit by the aftermath of the 2011 uprising that ousted Hosni Mubarak. The growth rate plummeted and the budget deficit soared, leading the government to crowd out the private sector in the debt market.The government forecasts a total economic growth rate of 3 percent in the current fiscal year, ending on 30 June, lower than an earlier estimate of 3.5 percent. Analysts say such figures are insufficient to create enough jobs to significantly reduce unemployment.Egypt's unemployment rate rose from 9 percent in 2010 to 12.7 percent in 2011.A whopping 77 percent of Egypt's unemployed are between the ages of 15 and 29. Over 80 percent of unemployed people have at least a high school diploma and a third have a university degree. Urban unemployment is significantly higher than in rural areas at 16.3 and 9.9 percent respectively.As for the 23.6 million employed in Egypt, 62.5 percent are wage earners while 16 percent are self-employed. source : Ahramonline