Egypt’s unemployment rate fall 10.6% in Q1

Egypt’s unemployment rate dropped to 10.6 percent in the first quarter of 2018, in comparison to 12 percent in 2017 and 12.7 percent in 2016 for the same period, official statistics agency CAPMAS announced on Tuesday.

Unemployment also declined 0.7 percent from the fourth quarter of 2017.

Egypt’s labor force was estimated in quarter one of 2018 to total 29.186 million, down 37,000 from quarter four of 2017.

According to CAPMAS, about 3 million Egyptians are currently unemployed.

Youths (15-29 year olds) make up 75.2 percent of total unemployment.

President Abdel Fattah al-Sisi has pledged to reduce unemployment during his tenure, by attracting private sector and foreign investments to boost the economy.

Since 2014, the government has been implementing a set of economic reforms to lower budget deficits, including floating the local currency, cutting energy subsidies and putting in place a Value-Added Tax.

Source: Ahram Online