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Tuesday 20th March 2018

Turkish Unemployment Hits Highest Level in Nine Years


7Dnews London

Fri, 15 Mar 2019 10:15 GMT

Turkey's unemployment rate leaped to 13.5 percent in the November-January period, reaching its highest level in nine years, official data showed on Friday March 15th according to Reuters.

The Turkish Statistics Institute (TSI) revealed that the economy contracted a sharper than expected 3 percent in the fourth quarter of 2018, its worst performance in nearly a decade, indicating last year's near 30 percent slide in the lira had tipped it into recession.

The number of people registered as unemployed jumped to 4.3 million in the three months to January, a surge of more than one million from a year earlier when the jobless rate stood at 12.7 percent, data from the TSI revealed.

In the last three months of 2018, the unemployment rate was 12.3 percent.

In February, the government and Union of Chambers and Commodity Exchanges launched a campaign to boost employment, which they say will provide jobs for 2.5 million people.

Both President Tayyip Erdogan and his son-in-law, Finance Minister Berat Albayrak, have said Turkey has left the worst of its economic troubles behind.

Non-agricultural unemployment stood at 15.6 percent in the November-January period, the data showed, up from 14.3 percent during October-December.

Middle East