Egypt says unemployment falls to 10.6%

CAIRO- Egypt’s statistics agency said unemployment has fallen in the first quarter of 2018 to 10.6% compared to 11.3% in the three months prior.

In a statement on Tuesady CAPMAS said amounted decreased to a 1.4% drop compared to the same quarter a year earlier.

Their estimates include that Egypt’s labour force which is around 29.2 million people went down by 86 000 in the previous quarter because of seasonal work and the number of people unemployed is currently 3.1 million people.

Egypt’s economy is still trying to bounce back from a costly 2011 popular uprising and years of political instability after many top leaders were ousted, including long time leader Hosni Mubarak. To stabilise their economy, the government secured a $12bn loan from the IMF in 2016 and launched an austerity program that has included subsidy cuts.

The country does have a large informal labour sector not reflected in unemployment statistics.

Photo Credit- Ahram Online

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