World Economy

Egypt Unemployment Falls to 12.8% 

Egypt Unemployment Falls to 12.8% Egypt Unemployment Falls to 12.8% 

Egypt’s unemployment rate fell slightly in the first quarter of 2015 to 12.8% from 13.4% in the same period the previous year, state-run statistics body CAPMAS announced on Sunday, Ahram Online reported. The CAPMAS quarterly report attributed the minimal decline from the previous quarter when it stood at 12.9% to improvements in economic activities. Egypt’s economy is set to grow by at least four percent in 2014, up from just 2.1% in 2013, Planning Minister, Ashraf El-Araby, announced last week. Almost 65.6% of unemployed people were aged between 15 and 29, and more than 76% hold diplomas or university degrees. Urban unemployment fell to 165 in the first quarter of 2015 from 16.5% in the same period the previous year, while unemployment in the rural areas fell to 10.35 from 11%. Meanwhile, Egypt welcomed on Friday a revision of ratings provider Standard and Poor’s outlook on Egypt from “stable” to “positive.” Standard and Poor’s updated its rating earlier on Friday, citing “gradual economic recovery.”