Turkey’s unemployment rate at lowest level in 11 years

Reuters/Umit Bektas

The unemployment rate in Turkey fell to 8.5 percent in October, down 0.5 percentage points month on month, its lowest level since November 2012.

The number of unemployed persons (15 years old and over) decreased by 163,000 to 2.96 million month on month. The rate was estimated at seven percent for men and 11.3 percent for women, the Turkish Statistical Institute data showed.

The unemployment rate stood at 8.4 percent in November 2012.

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The labour force participation rate rose slightly to 53.1 percent from 53.2 percent a month earlier.

The youth unemployment rate in the 15-24 age group was 16.3 percent in October, falling 0.4 percentage points compared to the previous month. The rate was estimated at 13.8 percent for men and 21.0 percent for women.

Turkey’s annual inflation rate surged to 61.98 percent in November, reaching its highest level this year.

The higher inflation was due to an 11 percent climb month on month in housing-related costs, although clothing and transportation costs remained flat.