Turkey’s Unemployment Rate Drops to 8.8% in December

Official data released on Monday revealed that Turkey’s unemployment rate experienced a slight decline of 0.1 percentage points on a monthly basis, reaching 8.8 percent in December. This brings the rate closer to the lowest levels observed in a decade, recorded in October.

Labor Force Participation Rate Increases

According to the Turkish Statistical Institute, the labor force participation rate saw an uptick to 53.5 percent in December, compared to 53 percent in the previous month.

Labor Underutilization Index

Despite the decline in the unemployment rate, the seasonally adjusted index of labor underutilization witnessed a 2.1 percentage point increase, reaching 24.7 percent.

October’s Record Low

In October, Turkey’s unemployment rate hit a decade-low of 8.5 percent, signaling positive trends in the labor market.