Last Update 18:37
Monday, 22 July 2019

Egypt unemployment drops to 8.9% in Q4 of 2018, compared to 10% in Q4 2017: PM Madbouly

Ahram Online , Wednesday 6 Feb 2019
Egyptian workers
Egyptian workers carry out restoration work inside al-Zahir Baybars Mosque, an architectural landmark in old Cairo, Egypt October 16, 2018. REUTERS
Views: 5125
Views: 5125

Egypt's unemployment rate dropped to 8.9 percent in the last quarter of 2018, compared to 10 percent in the same period the previous year, a statement by the office of Prime Minister Mostafa Madbouly said on Wednesday.

The statement highlighted that the rate was 9.9 percent for 2018 and 11.3 percent in 2017.

The PM's statement came on the same day as the International Monetary Fund (IMF) said that by the end of this fiscal year, Egypt is expected to see a drop in unemployment of down to 8.3 percent.

According to state statistic agency CAPMAS, about 3 million Egyptians are currently unemployed, 75.2 percent of whom are 15 to 29 years old.

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

In recent years, the gvernement has spent billions of dollars on mega projcts such as the new electric power stations, new Suez Canal, massive highways and a new administrative capital, which provided employement to tens of thousands of Egyptians. 

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.

The IMF has lauded Egypt's reform program, making available on Monday the fifth tranche of a $12 billion loan signed in 2016.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.