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.
|Labour force participation rate (%)||50.8||51.7|
|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|
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