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Egypt’s Unemployment Rate Fell to 8% in Fourth Quarter 2019

Egypt’s Unemployment Rate Fell to 8% in Fourth Quarter 2019

Sunday, 16 February, 2020 - 07:30
Egypt tourism via Reuters
Cairo- Asharq Al-Awsat

Egypt’s unemployment rate fell to 8% in the fourth quarter of 2019 from 8.9% in the same quarter in 2018, state statistics agency CAPMAS said in a statement on Saturday.

But the unemployment rate increased by 0.2% compared with the third quarter when it was 7.8%.

The number of jobless people reached 28.950 million people during the last quarter of 2019, the statement added.

Meanwhile, Egypt's Ministry of Trade and Industry said it was about to finalize a comprehensive strategy for automotive industry in the country.

The plan is in preparation for submission to the Prime Minister within a week, where the new strategy will be agreed upon by all concerned authorities, according to Minister Nevine Gamea.

Earlier, the government said it hopes to bolster Egypt’s auto industry, mandating last year that cars in Egypt have a minimum of 46 percent locally-manufactured components.

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