Egypt job­less rate falls in first quar­ter to 10.6 per cent

The Gulf Today - Business - - REGION -

CAIRO: Egypt’s sta­tis­tics agency says un­em­ploy­ment has fallen in the first quar­ter of 2018 to 10.6 per cent com­pared to 11.3 per cent in the three months prior.

CAPMAS says in a state­ment that the de­crease amounted to a 1.4 per cent drop com­pared to the same quar­ter a year ear­lier.

It es­ti­mates Egypt’s labour force at 29.2 mil­lion peo­ple - down 86,000 from the pre­vi­ous quar­ter due to sea­sonal work - with the num­ber of un­em­ployed at 3.1 mil­lion peo­ple.

Egypt’s econ­omy is still re­cov­er­ing from a costly 2011 pop­u­lar up­ris­ing and years of po­lit­i­cal in­sta­bil­ity. The government se­cured a $12 bil­lion loan from the IMF in 2016 and launched an aus­ter­ity pro­gramme that has in­cluded sub­sidy cuts.

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