Unemployment on the rise in Egypt
The sign reads: ‘No to poverty, no to unemployment , no to torture’– Photo by Socialist Way
Unemployment in Egypt increased from 12.5% in Q3/2012 to 13% in Q4/2012, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The newsletter of the German-Arab Chamber of Industry and Commerce stated that according to ILO-standards, unemployment before the 25th of January Revolution equaled about 8.9% (Q4/2010). Scapegoat for these numbers is the weak economic situation, as in Q3/2012, the Gross Domestic Product growth only added up to 2.6%.
This is not enough to create an employment dynamic. 27 million people are capable of working, meaning legitimate labor force – of which 3.5 million are searching for a job. 73.9% of them are between 15 and 29 years old.