World Economy

Egypt Adds Jobs

Egypt Adds Jobs Egypt Adds Jobs

Egypt’s unemployment rate inched downward to 12.7% in the first quarter of 2016 compared to 12.8% registered in both the first and last quarters of 2015, official statistics agency CAPMAS announced on Sunday, AlAhram reported. Egyptian officials hope to reduce unemployment to less than 10% and are targeting a growth rate of at least 6% by the end of the 2018/19 fiscal year. According to the ministry of planning, Egypt’s GDP growth rate slowed to 2.2% in the final quarter of 2015, compared to 3.7% during the same period a year earlier. Unemployment among 15-29 year olds reached 27.3% of the workforce. Compared to the first quarter of 2015, the Egyptian workforce grew 2.6% to a record 28.4 million people in the first quarter of 2016. The CAPMAS report noted that unemployment among females is 25.7% and among males 8.9%. Urban unemployment was15.2%, compared to 10.9% in rural areas.