Turkey’s unemployment rate drops to 9.3% in May

By bne IntelliNews August 17, 2015

Turkey’s unemployment rate dropped from 9.6% in April to 9.3% in May, data of the statistics office TUIK showed on August 17. The jobless rate was 8.8% in May 2014.

TUIK calculates the number of unemployed at 2.79mn people in May, while it says the non-farm jobless rate was 11.4% in the month, down from 11.6% in May. The non-farm unemployment rate stood at 10.7% in May 2014.

The seasonally-adjusted unemployment rate, on the contrary, rose from 9.9% to 10.2% in May.

The labour force participation rate improved from 51.1% in April to 51.7% in May and up from 51.2% a year ago. TUIK also said that 51.5% of the employed worked in the services sector in May, 21.3% in the agriculture, 20% in the industry and 7.2% in the construction sectors. The economy created 534,000 jobs over the past year.

The government forecasts the unemployment rate to be 9.5% in 2015 as it expects GDP growth to pick up from 2.9% in 2014 to 4% in 2015. Real GDP growth will hover around 3% over the medium term, unemployment could continue rising, leading to social pressures, said S&P on July 29 in its 2015 Global Credit Outlook for Banks.

Turkey's Labour Market                
  Aug Sep Oct Nov Jan-15 Feb-15 Mar May
Labour force participation rate (%) 51.2 51.1 51.0 50.5 50.0 50.1 50.4 51.7
Unemployed (mn) 2.94 3.06 3.04 3.10 3.26 3.23 3.07 2.79
Unemployment Rate (%) 10.1 10.5 10.4 10.7 11.3 11.2 10.6 9.3
Non-Farm Unemployment Rate (%) 12.3 12.7 12.5 12.7 13.4 13.2 12.6 11.4
Seasonally-adjusted Unemployment Rate (%) 10.4 10.6 10.6 10.6 10.2 10.2 10.1 10.2
Seasonally-adjusted Non-Farm Unemployment Rate (%) 12.4 12.7 12.6 12.7 12.3 12.2 12.1 12.3
Source: statistics institute    

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