Turkey’s unemployment rate unchanged at 10.3 percent

Turkish unemployment held steady at 10.3 percent in November, the government statistics agency in Ankara said on Thursday.

The rate, in line with market expectations, was the same as the October figure. It fell from 12.1 percent in November 2016, when the country was suffering from the aftermaths of a coup attempt in July of that year that shrank the economy.

Youth unemployment was 19.3 percent compared with 19 percent in October. The number of unemployed, excluding the agricultural sector, was unchanged at 12.2 percent, the agency said.

The government, facing re-election in 2019 at the latest, is extending a loan guarantee scheme of more than 200 billion liras ($53 billion) to industry that helped the economy grow an estimated 7 percent last year. It is also planning more project-specific investment incentives and plans to help the construction sector by providing financial help to homebuyers.

While the economy grew more than 11 percent in the third quarter on an annual basis, quarter-on-quarter growth almost halved to 1.2 percent in the three months to September from 2.2 percent in the previous quarter.

Turkish unemployment rate