Unemployment in Turkey fell to 8.6%, according to the latest data released on Friday by the Turkish Statistical Institute (TÜİK) for the month of November, indicating that the labour market remains relatively stable despite the Central Bank’s strong measures to cool the economy and reduce inflation.
According to the unemployment data released today by TÜİK, the unemployment rate in Turkey fell by 0.1 points compared to October, when it stood at 8.7%, with the number of unemployed falling by 84,000 to 3.07 million, with unemployment at 7% among men and 11.7% among women.
The report also indicates that the labour force in the Eurasian country fell by 252,000 to 35.82 million, with the labour force participation rate in November remaining at 54.2% (72.1% among men and 36.7% among women), 0.4% lower than in the previous month.
As regards the employment rate, it decreased slightly by 0.2 percentage points to 49.6%, being 67.1% for men and 32.4% for women. Thus, the number of employed persons in Turkey fell by 168,000 in November to 32.75 million. At the same time, youth unemployment, which covers unemployed job seekers aged 15-24, fell by 0.5 points to 15.8%: 11.9% for men and 23% for women.
The unemployment figures are relatively good considering the high interest rate policy (up to 50%) that the Central Bank has maintained over the last year and a half in order to reduce the high inflation, which closed 2024 with a rate of 44.4%. However, the Turkish government’s announcement of a 30% rise in the minimum wage to 22,104 liras (608 euros) by 2025, despite being below the demands of trade union representatives, could hinder Ankara’s efforts to achieve its disinflation target.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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