Turkey’s unemployment rate hits %11.6, sees 19 months high

The high rate of unemployment in Turkey continues to rise as it has now reached a 19-month all-time high.

The percentage of those jobless stood at 11,6 percent in October, much worse than the preceding year. This means the number of the unemployed, aged between 15 years and over, rose by 501 000  and went over the 3,7 million marks.

As for the inflation rate, it has now surpassed the expected 11.4% and has increased to 11.6%.

With this figure, the inflation rate is now at its maximum as compared to the same period in March 2017. In March 2017, the number of those unemployed was recorded as at 3,64 million, bringing the unemployment rate to 11.7 percent.

During the same period, the non-agricultural unemployment rate has increased by 1.3 %, as compared with the same month of last year when it reached 13,6%.

More young people unemployed 

Those without jobs among young people now stand at 22,3%, seeing a three percent increase. In the 15-65 age category, unemployment stand at 11,9%.

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The employed ones, a slow rise

Meanwhile, the number of those employed in October last year stood at over 28, 8 million, with an increase of 225 000 compared to the preceding period in 2017. General employment rate saw 0,1 decrease in the same period.

Employment rates with sectors

In the same period, the employment rate in the agriculture sector decreased by 187 000 while this number increased by 414 000 in the non-agricultural workers around the same period.

Distribution in sectors that was realised saw agriculture standing at 18,5%i, industry 19,7%, construction 6,7% and 55% in the service industry. When the numbers are compared with the same month of the preceding year, people employed in the agriculture sector increased by a meagre 0.8 point, in construction it decreased 0.9 point, in industry sector the figure increased by 0.6 point, and a 1-point increase in the service industry.

2018 Budged deficit

The Treasury and Finance Minister Berat Albayrak said they had  predicted the year-end budged deficit at 72,1 % in the New Economy Program (YEP) and the budget deficit realised stood at 72.6, “compatible with our predictions.”

The minister also pointed out budget revenues for January-December increased 20,2 and realised 757.8 billion TL, while tax revenues increased by 15,8% and hit the 621,3 billion.

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