Apr 16 2018

Turkish PM: wrong to say unemployment is rising

Turkish Prime Minister Binali Yıldırım said it was wrong for some people to say unemployment was rising in Turkey after the nation posted a jobless rate of 10.8 percent in January, the highest level in 10 months.

It is not normal to compare the figure with December, which showed unemployment at 10.4 percent, Yildirim told reporters on Monday after the data was published. The rate was 13 percent in January 2017, six months after a failed military coup battered economic confidence.

“There’s a 2.2 percentage point decline in unemployment,” he said. “You always should compare the data with a year ago.”

Governments around the world, particularly in developed economies, as well as financial news organisations compare economic data with the the closest previous period to give a more accurate representation of a country’s economic progress.

Turkey’s state-run Anadolu agency and many other Turkish news organisations tend to compare data with a year earlier. Anadolu, Daily Sabah, Hürriyet Daily News and Yeni Şafak were among news organisations reporting a fall in the jobless rate.

The outlook of Turkish consumers and businesses towards the economy is worsening, according to the latest economic surveys. The surveys concentrate on current trends, not on comparing historical year-earlier data.