Turkey’s unemployment data for August to be announced today.

By bne IntelliNews November 15, 2013

The statistics institute(TUIK) is going to announce Turkey’s unemployment rate data for August today.

Unemployment rate jumped to 9.3% (2.69mn people) in July from 8.4% in the same month of last year and 8.8% in June 2013, data from the statistics institute (TUIK) showed last month.

The seasonally adjusted jobless rate also rose from 9.7% in June to 10.1% in July and this was also higher than the adjusted unemployment rate of 9.1% recorded in July 2012.

The non-farm unemployment rate also increased from 11% in June and 10.7% in July 2012 to 11.8% in July while youth-unemployment rate rose from 17.1% in June and 16.3% a year ago to 18% in the month. The non-farm and youth jobless rates were 11% and 16.6%, respectively in May.

Unemployment rate was at 8.8% in August 2012.

The prospects for labour market are not very bright. GPD data, released last month, showed that private sector investments contracted 2% y/y in Q2 that followed the 7.3% y/y decline in Q1. Private sector’s investments fell 4.6% y/y in H1.

Last month, the government unveiled the new medium-term programme (MTP), covering 2014-2016, and said that unemployment rate was expected to edge down to 9.4% next year from 9.5% in 2013 (2013 unemployment rate estimate in the previous MTP was 8.9%).

The IMF also released its World Economic Outlook - October 2013 report, last month where the Fund did not change its unemployment forecasts for Turkey. The IMF does not expect an improvement in job conditions. On the contrary, the report says that the unemployment rate will increase to 9.4% this year from last year’s 9.2%. The jobless rate is expected to be 9.5% in 2014.

Last week, the European Commission (EC) said in its autumn forecasts that it did not expect improvement in labour market. The unemployment rate will increase to 9.9% next year from 9.6% this year only to fell to 9.2% in 2015.

  July
  2012 2013
Population (mn) 73.6 74.5
Labour force participation rate (%) 50.8 51.7
Unemployed (mn) 2.3 2.7
Unemployment Rate (%) 8.4 9.3
Non-Farm Unemployment Rate (%) 10.7 11.8
Youth Unemployment Rate (%) 16.3 18.0
Seasonally-adjusted Unemployment Rate (%) 9.1 10.1
Source: statistics institute    

Related Articles

High net worth Turks and capital flee Turkey as prospect of Erdogan Mark II nears

Turks are joining foreign investors in shifting their assets—and in many cases themselves—out of the country amid fears for their money and security should President Recep Tayyip Erdogan win more ... more

Simsek: Better policy mix and reforms will help secure soft landing for Turkey

Turkey's strengthening fiscal and monetary policy mix and reforms should help secure a soft landing for its economy, Deputy Prime Minister Mehmet Simsek said on June 12. Ex-Wall Street banker ... more

One to two-notch downgrade implied for Turkey by spread on eurobond says RBI

A one to two-notch downgrade is implied for Turkey by the spread on its sovereign USD eurobond due 2028, Raiffeisen Bank International (RBI) said on June 12. In a note to investors, RBI analyst ... more

Dismiss