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|
|Labour force participation rate (%)||51.2||51.1||51.0||50.5||50.0||50.1||50.4||51.7|
|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|
The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more
EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more
Reza Zarrab, the wealthy Turkish-Iranian entrepreneur who allegedly masterminded an extensive conspiracy to help Iran evade US sanctions will not stand trial in New York this week as scheduled, even ... more