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FINANCIAL NEWS
Egypt unemployment declines to 12.8 percent in Q1
18 May 2015
(MENAFN) The Egyptian unemployment rate declined to 12.8 percent in the first quarter of the year, compared to 13.4 percent logged in the corresponding period a year ago, stats read, Reuters reported.
The figures were issued by the government statistics agency, which forecasts a prospect improvement for the whole economy, after the president’s promise to reduce unemployment to 10 by 2020.
Government reforms and billions of dollars from Gulf allies have boosted investor confidence, but Egypt faces pressure to deliver more jobs for its rapidly growing population of about 90 million.
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