3,233% inflation seen in Turkey’s chicken Burger King menu demonstrates enduring economic pain
17 hours ago
Turkey’s unemployment rate stayed at 11.3% for the second straight month in September, statistics office TUIK said on December 15.
On an annual basis, however, the jobless rate continued its upward trend rising from 10.3% in September 2015. The increase reflecting the effects of a slowing economy and troubles in the tourism sector.
There were 3.52mn unemployed in the country in September. The labour participation rate increased to 52.8% from 52.1% a year ago, and versus 52.6% in August 2016. Youth unemployment hit 19.9% in September, up from 18.5% in the same month of 2015.
The seasonally adjusted unemployment rate increased to 19.6% from 19.8% a month ago and from 18.3% in September 2015.
Prospects for the job market do not look very bright for remainder of the year as Turkey’s economy shrank in Q3 for the first time in seven years. The government has announced a number of measures earlier this month in an effort to boost economic activity and employment. Their effects on investments and jobs remain to be seen.
Agriculture lost 168,000 jobs compared with September 2015, TUIK data showed. The agriculture sector suffered a 7.7% y/y contraction in the third quarter, one of the largest drop in output among all main industries. Employment in industry whose output declined 1.4% in the third quarter fell by 67,000. Construction that expanded at 1.4% y/y in Q3 created 91,000 jobs. Services that contracted by a sharp 8.4% in the third quarter added 552,000 jobs compared with September last year.
| Turkey's Labour Market | ||||||||||
| Nov | Dec | Jan-16 | Feb | Mar | May | Jun | Jul | Aug | Sep | |
| Labour force participation rate (%) | 51.2 | 50.9 | 50.7 | 50.8 | 51.3 | 52.5 | 52.4 | 52.7 | 52.6 | 52.8 |
| Unemployed (mn) | 3.1 | 3.2 | 3.3 | 3.2 | 3.0 | 2.9 | 3.1 | 3.3 | 3.5 | 3.5 |
| Unemployment Rate (%) | 10.5 | 10.8 | 11.1 | 10.9 | 10.1 | 9.4 | 10.2 | 10.7 | 11.3 | 11.3 |
| Non-Farm Unemployment Rate (%) | 12.4 | 12.7 | 13.0 | 12.7 | 11.9 | 11.3 | 12.2 | 13.0 | 13.7 | 13.7 |
| Seasonally-adjusted Unemployment Rate (%) | 10.4 | 10.3 | 10.1 | 10.1 | 9.9 | 10.4 | 11.0 | 11.2 | 11.4 | 11.3 |
| Seasonally-adjusted Non-Farm Unemployment Rate (%) | 12.3 | 12.3 | 12.1 | 12.0 | 11.8 | 12.3 | 13.0 | 13.3 | 13.5 | 13.5 |
| Source: statistics institute |
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