Turkey's unemployment rate declined from 13% in January to 12.6% in February, the country's statistics office, TUIK, reported on May 15.
January’s unemployment figure was the highest since February 2010 when the unemployment rate stood at 13.5%. Despite the slight recovery seen over the next month, the February 2017 figure still remained far higher than the 10.9% recorded for February 2016.
The Turkish unemployment rate has been on a n upward trend for the past year. Recent data suggests that the economic growth performance is still weak and failing to produce enough jobs.
Dwindling numbers of tourist arrivals as well as political and security concerns in the wake of the coup attempt in July last year and terrorist attacks have hampered the economy’s performance.
The number of unemployed people also mildly recovered from a record high of 3.99mn in January to 3.90mn in February. The seasonally adjusted unemployment rate, on the contrary, declined to 11.7% in the month, the worst figure recorded since October.
The labour force participation rate was 51.8% in February, up from 51.5% in the previous month.
The rate for youth unemployment declined from 24.5% in January to 23.3% in February.
Turkey's unemployment rate rose to 10.9% in 2016 from 10.3% in 2015.
The IMF projects that the Turkish unemployment rate will pick up to 11.5% in 2017 while it expects GDP growth of 2.5%.
|Turkey's Labour Market|
|Labour force participation rate (%)||50.9||52.4||52.7||52.6||52.8||52.4||52.1||51.6||51.5||51.8|
|Unemployment Rate (%)||10.8||10.2||10.7||11.3||11.3||11.8||12.1||12.7||13.0||12.6|
|Non-Farm Unemployment Rate (%)||12.7||12.2||13.0||13.7||13.7||14.1||14.3||14.9||15.2||14.8|
|Seasonally-adjusted Unemployment Rate (%)||10.3||11.0||11.2||11.4||11.3||11.7||11.8||12.0||11.8||11.7|
|Seasonally-adjusted Non-Farm Unemployment Rate (%)||12.3||13.0||13.3||13.5||13.5||13.9||14.1||14.2||14.1||14.0|
|Source: statistics institute|