Turkish Unemployment Rate Falls to 9.9% in April
18 July 2011
The Turkish unemployment rate has fallen to 9.9% in April compared to 12% in April 2010, according to latest figures from the Turkish Statistics Institute. According to the Institute the employment rate for non-agricultural jobs is 12.5%, and youth unemployment is running at 17.9%, down from a 21.2% for April 2010. The total number of people now unemployed in the country is 2.6 3 million while the numbers employed are 23.9 million.
The fact that unemployment is now into single figures is extremely good news for the Turkish economy, but experts are warning against complacency. This latest fall takes the figures back to pre-global crisis levels in 2008 as the last time unemployment figures were in single figures was in July 2008 when it was running at 9.4%.
The Finance Minister, Mehmet Simsek has already said that he expects these figures to continue falling, while the president of Ankara Chamber of Industry, Nurettin Ozdebir thinks that these figures are significant for Turkey, especially as other larger economies in the world continue to struggle with unemployment and other problems. It hasn't gone unnoticed that while other countries are lowering wages, and people are losing their jobs, employment levels and wages are increasing in Turkey.
The country has already achieved an incredible 11% growth in the first quarter, and it looks as if this is perfectly sustainable. Part of the fall in unemployment figures is due to seasonal employment, but it's also definitely due to economic growth which has increased demand for Turkish products, especially textiles and cars. However there is some concern that the situation in Greece and Italy could have a temporary negative effect on the unemployment rate in Turkey.