The Unemployment Rate in Turkey Stays at 13.4% in 3 Months

Monday’s data showed that the unemployment rate in Turkey stabilized at 13.4% in the period from June to August compared to the previous three months, with a high rate of participation in the workforce, while the repercussions of Covid-19 continued to affect employment.

Separate data today showed that the current account deficit rose sharply to $ 4.6 billion in August due to a sharp decline in tourism due to the pandemic.

After the data was released, the lira fell 0.4% from Friday’s close of 7.8930.

While the unemployment rate decreased from 13.9% in the same period a year ago, the number of workers decreased by 1.254 million on an annual basis to record 43.5%, according to data from the Turkish Statistical Institute. The rate was 46.4% in the same period last year.

The participation rate, the number of employed or looking for work, was 50.3%, compared to 49 percent a month ago, although it is much lower than the 53.8% rate recorded last year.