Unemployment rate drops to 8.8% in December

rate in Türkiye decreased slightly to 8.8% in December 2023, from 8.9% a month earlier according to data shared by the country’s statistical authority yesterday.

The number of unemployed persons – aged 15 and over – went down by 12,000 to nearly 3.1 million, the Turkish Statistical Institute (TurkStat) said. The figure came in at 7.1% for men and 12% for women.

The youth unemployment rate aged between 15-24 years stood at 15.5%, with a decrease of 0.8 percentage points compared to the previous month, it added.

The number of employed persons, meanwhile, increased by 399,000 to reach 32.05 million. The employment rate occurred at 48.8% with an increase of 0.6 percentage points. In addition, this rate was 66.1% for men and 31.9% for women.

The seasonally adjusted labor force participation also saw an increase, reaching 53.5%. The number of individuals in the labor force surged by 387,000 month-over-month to 35.15 million in December, according to TurkStat.

Commenting on the data, Vice President Cevdet Yılmaz in a written post on his social media account on X, formerly Twitter highlighted what he said was the highest-ever employment level.

“According to seasonally adjusted data, the unemployment rate was realized at 8.8% in December, and our December employment exceeded 32 million people, reaching the highest level ever,” he said.

“In light of these data, it is clear that the unemployment rate in 2023 will be realized in single digits, below the 10.1% we envisaged in the Medium Term Program,” he added.

“In the coming period, we will continue to implement our employment-friendly policies in the perspective of investment, employment, production and exports and to fight with determination against unemployment.”

Türkiye’s unemployment rates have shown continuous signs of easing in recent months with the last double-digit figure recorded in March 2023, as per TurkStat.