Unemployment in Algeria drops despite financial crisis

The unemployment rate in Algeria dropped to 9.9 percent in April 2016 compared with 11.2 percent in September 2015, the National Statistics Office (ONS) said on Saturday.

The rate decreased primarily as unemployment among men dropped to 8.2 percent in April 2016 from 9.9 percent in September 2015. Yet, unemployment among women remained stable at 16.5 percent, according to the ONS.

About 53 percent of unemployed people are non-graduates, 24 percent hold vocational training diploma, while 23 percent are university graduates. Yet, the employed population is estimated at about 11 million, the figures show.

The oil-rich North African country has been hit by financial crisis after sharp drop in revenues due to crash of hydrocarbons prices in international markets.

Algeria has taken measures to deal with the price slump, including cutting public spending, reducing energy subsidies and raising fuel prices, in addition to suspending several construction projects and recruitment programs.

The government forecast a decline of the country's foreign exchange reserves to 121 billion dollars by the end of this year, compared to 143 billion in 2015. (APD)