Jan 15 2018

Turkish jobless rate declines

Turkey’s unemployment rate fell to 10.3 percent in October from 10.6 percent the previous month, even as economic growth showed signs of slowing.

The rate, calculated on a seasonally-adjusted basis, fell from 11.7 percent in October 2016, when the economy had contracted due to a failed coup attempt three months earlier.

Youth unemployment dropped to 19 percent from 20 percent in September, data provided by the statistics office in Ankara showed on Monday. The number of unemployed, excluding the agricultural sector, fell to 12.2 percent from 12.7 percent.

The government has cut taxes on some durable goods – a programme that ended in September – and provided more than 200 billion lira ($53 billion) in loan guarantees to various industries to help stimulate the economy after the failed coup. It is now pledging some project-specific investment incentives and measures to help banks provide more credit. Quarter-on-quarter economic growth slowed to 1.2 percent in the three months to September from 2.2 percent in the previous quarter.