Turkiye's unemployment rate drops in Q4 2023

21 Feb '24

1 min read

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Insights

In the fourth quarter of 2023, Turkiye saw a decline in unemployment, with 137,000 fewer individuals unemployed and a drop in the unemployment rate to 8.8 per cent.
The employment rate increased to 48.6 per cent.
However, challenges remain evident as the composite measure of labour underutilisation rose to 22.9 per cent, suggesting ongoing difficulties.

Turkiye's seasonally adjusted unemployed persons aged 15 and over decreased by 137,000 to 3.07 million in the fourth quarter (Q4) of 2023, with a 0.4 per cent drop in the unemployment rate to 8.8 per cent, according to Turkstat. Men's unemployment was 7.2 per cent, while women's stood at 11.8 per cent.

The seasonally adjusted employed persons increased by 195,000 to 31.87 million, raising the employment rate to 48.6 per cent. Men's employment rate was 65.8 per cent, and women's was 31.6 per cent. Meanwhile, the labour force participation rate slightly decreased to 53.2 per cent.

Youth unemployment in the 15-24 age group fell to 15.9 per cent, with men at 12.7 per cent and women at 21.8 per cent. Industry employment increased by 29,000 persons, with 20.8 per cent employed in this sector, as per Turkstat.

Despite a slight decrease in average weekly working hours to 43.8, the composite measure of labour underutilisation rose to 22.9 per cent, indicating challenges persist in the job market.

Fibre2Fashion News Desk (DP)

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