Egypt's unemployment rate drops to 10.6 in Q1 of 2018: CAPMAS

Ahram Online , Tuesday 15 May 2018

Cash crunch looms over new home for Tutankhamun treasures in Egypt (Photo: AFP)

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 El-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.


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