The Telecom Egypt headquarters building in Cairo, Egypt. Reuters
Egypt’s unemployment rate dropped to 8.1 per cent in the first quarter of 2019 from 10.6 per cent in same period the previous year, state statistics agency CAPMAS said on Wednesday.
Egypt’s non-oil private sector economy saw renewed growth in April, according to latest PMI data. Output expanded for the first time in nearly one-and-a-half years and new business increased at a faster rate. Input purchasing and job numbers also rose, while business sentiment towards the year-ahead outlook for activity strengthened.
Business sentiment around future activity soared to the highest in one-and-a-half years in August, as more Egyptian firms expressed optimism for growth.
The dramatic spiral in economic activity in new and emerging sectors has led to the creation of over 1,000 new jobs in the emirate.
Global shares slipped off record highs on Friday as gloomy data reminded investors of the struggles facing the economic recovery, curbing a rally fuelled by hopes of US stimulus by newly inaugurated President Joe Biden.
A slowdown in eurozone business activity accelerated in January, making a new recession almost certain as the COVID-19 pandemic continues to batter the economy, a key survey showed on Friday.