Jul 16 2018

Turkey’s jobless rate drops to lowest in two years

Turkey’s headline unemployment rate dropped to its lowest level in more than two years.

The rate fell to 9.6 percent in April from 10.1 percent in March, data from the Turkish Statistical Institute showed. Unemployment was 10.5 percent in April 2017, when Turkey was stimulating economic growth following an attempted military coup nine months earlier.

Seasonally-adjusted unemployment rose to 10.3 percent from 9.9 percent in March, the institute said. Youth unemployment fell to 16.9 percent from 17.7 percent.

Turkey has sought to stimulate economic growth through tax cuts and loan guarantees, measures which have continued this year. The steps raised concern among investors for economic overheating, pushing inflation to the highest levels since 2003, the lira to record lows against the dollar and forcing the central bank to raise its benchmark interest rate by 425 basis points to 17.75 percent in May and June.

Turkey unemployment