Cash crunch looms over new home for Tutankhamun treasures in Egypt (AFP)
Egypt’s unemployment rate has dropped to 12% in the first quarter of 2017 in comparison to 12.7% same time last year and 12.4% in the last quarter of 2016, official statistics agency CAPMAS announced on Monday.
Egypt’s labor force was estimated in the first quarter of 2017 to be 29.149 million, increasing by 79,000 since the fourth quarter of 2016.
Youths (15-29 years) make 79% of total unemployment.
President Abdel-Fattah El-Sisi has pledged to reduce unemployment during his tenure, by attracting private sector investments 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.