Economy Turkey’s jobless rate reaches 10.7 percent

Turkey’s jobless rate reaches 10.7 percent

Turkish Statistical Institute
Turkish Statistical Institute

(AA) – Turkey’s unemployment rate rose to a 45-month high of 10.7 percent in November 2014, the Turkish Statistical Institute said in a statement on Monday.

The unemployment rate was up 0.3 percent from the previous month, and 3.1 million in the workforce are without jobs, with 53,000 added in November, the statement said.

It was the fourth month in a row to show double-digit unemployment, as the Turkish economy’s growth rate was slower in the first three quarters of 2014.

The number of employed persons aged 15 years old and over was 25 million 874 thousand persons in November 2014 and the employment rate was 45.1 percent.

Agricultural employment was at 20 percent; 20.4 percent were employed in industry; 7.6 percent were employed in construction and 52 percent were employed in services. 

Labor force participation was 50.1 percent. Women have increased their participation in the workplace to 30.5 percent. The number of women employed is currently at 8.9 million, up from 3.2 million in February 2008.

“Job-creation in Turkey still continues solid,” said economist Bora Tamer Yilmaz of Ziraat Securities in Istanbul. “In contrast with the U.S., where the unemployment is improving due to a shrinking work-force, in Turkey citizens, mainly females, are actually joining the work-force.” 

The unemployment rate for young people increased to 19.9 percent in November from 19.7 percent in October.

In 2013, the unemployment rate was 9.9 percent in November, while the unemployment rate for young people was 19.3 percent.

Previous article2 Philippine troops, 1 communist rebel killed in clash
Next articleEU extends Russian sanctions despite Ukraine cease-fire