Turkey's unemployment rate at four-month lowest in February

The Turkish Statistical Institute (TurkStat) has released the latest unemployment data for February, revealing a slight decrease in the country's jobless rate. 

In February 2024, Turkey's unemployment rate dropped to a four-month low of 8.7%. The current rate is down from 9% in January 2024 and 10% in February 2023.

The youth unemployment rate which covers the 15-24 age group declined by 0.8 percentage point to 15.6% compared to the previous month. This rate was estimated at 13.4% for men and 19.6% for women.

In February 2024, the composite measure of labor underutilization, which includes time-related underemployment, potential labor force, and unemployment, declined by 1.9 percentage points to 24.5% compared to the previous month. Meanwhile, the combined rate of time-related underemployment and unemployment was 16.3%, and the combined rate of unemployment and potential labor force was 17.6%. 

The Turkish lira has lost 40% of its value against the dollar in the past year and 82.6% over the last five years. This depreciation affects import costs and contributes to inflation.

Inflation reached a 25-year high of 85.5% in October 2022, with some estimates suggesting even higher rates. It was 68.50% in the last month. Rising prices impact purchasing power and strain household budgets. (HA/VK)