Turkey’s unemployment rate rises to 10.7% in July

Turkey’s unemployment rate rises to 10.7% in July
By bne IntelliNews October 16, 2017

Turkey’s unemployment rate rose from 10.2% in June to 10.7% in July, data from national statistics office TUIK showed on October 16. The jobless rate in July remained unchanged compared to July 2016.

According to the latest data, there were 3.44mn unemployed people in Turkey in July versus 3.32mn a year earlier. The labour force participation rate improved to 53.7% in the month from 52.7% a year earlier.

The non-agricultural unemployment rate also remained unchanged at 13% in July compared to July 2016.

The seasonally-adjusted unemployment rate, however, increased to 11.2% in July from 11.1% in June.

The rate for youth unemployment rose to 21.1% in July from 19.8% in the same month of 2016.

The Turkish government hopes to bring unemployment to 10.5% in 2018 from 10.8% in 2017. The jobless rate will decline to 9.9% in 2019 and 9.6% in 2020, according to the updated medium-term economic programme unveiled on September 27.

The IMF cut its 2017 unemployment rate forecast for Turkey to 11.2% in its latest World Economic Outlook report, published earlier this month, from 11.5% in its April report.

The country’s unemployment rate rose to 10.9% in 2016 from 10.3% in 2015.