For the first time since 2018, unemployment in Turkey fell below 10%. It is also the lowest unemployment figure in 8 years.
The unemployment rate in Turkey fell below the 10% barrier for the first time in 4 years, according to the most recent data published yesterday by the Turkish Statistical Institute (TÜİK), which placed the Eurasian country’s unemployment rate at 9.6%, its lowest level in the last 8 years.
The most recent report released by the official statistical body of Turkey indicates that during the month of August the level of unemployment reached 9.6%, a figure 0.4 percentage points lower than that of July and which represents the lowest unemployment rate since March 2014; it is also the first time that the unemployment rate in Turkey has fallen below the 10% barrier since January 2018.
Data published by TÜİK indicate that unemployment among the male population stood at 8.2%, while female unemployment reached 12.5%. On the other hand, the labor force participation rate rose by 0.4 points in August compared to July, reaching 53%.
As for youth unemployment (which covers the age group between 15 and 24 years old) it stood at 18%, with a decrease of 0.8 points compared to the previous month, being in this group 15.2% among men and 23.3% among women. As for the data on the labor force in Turkey, in August it stood at around 34.33 million people, with an increase of 266,000 compared to July.
Commenting on the data on the fall in unemployment in Turkey, the Treasury and Finance Minister Nureddin Nebati assured that the good employment data is a direct consequence of the new economic program announced by the government in 2021, which according to Nebati has contributed to sustaining the growth of the Turkish economy and avoid job losses.
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When Monica finished her business degree, she had the idea to celebrate it travelling: that’s how she ended up visiting Turkey, and she liked it so much… that she decided to stay and live there! And she is still there, reporting from the city of Bursa on the latest news about the interesting Turkish economy.