Jul 16 2019

Turkish unemployment down slightly in April compared to March – statistical institute

Unemployment in Turkey fell by 1 percentage point to 13 percent in April compared to March, but was up by 3.4 percentage points compared to April last year, state-run Anadolu news agency quoted the Turkish Statistical Institute as saying.

The highest annual rise was seen in the 15 to 24 age group, where unemployment went up by 6.3 percentage points to 23.2 percent in April. The number of youths neither in employment nor higher education rose by 2.1 percent to 23.4 percent.

Non-agricultural unemployment figures showed a higher rise compared to last year, rising 3.7 percentage points to 15.1 percent compared to April 2018 among the 15-64 age group.

Turkey endured a difficult year in 2018, with a currency crisis sparked by U.S. sanctions over imprisoned U.S. citizens in August leading to a lira slide of nearly 30 percent over the course of the year and a technical recession in its final quarter.

High inflation left people forced to queue up for government subsidised fruit and vegetables in large cities at the beginning of 2019.

The lira has recovered significantly since hitting record lows of nearly 7 against the dollar last August, with the exchange rate sitting at 5.71 to the dollar on Tuesday. Inflation, likewise, has been wrested down from highs of over 25 percent last October to 15.72 percent in June.

However, the decision to dismiss the governor of Turkey’s central bank over his refusal to lower interest rates earlier this month has rung alarm bells about the bank’s independence.

https://www.aa.com.tr/tr/ekonomi/issizlik-rakamlari-aciklandi/1532761