Turkiye reduces unemployment with export-oriented growth policy

April 18, 2024 admin-dominor

By News Centre

Turkiye continues to reduce unemployment with its investment,
production, employment and export-oriented growth policy. The
unemployment rate decreased by 0.3 points in February compared to
the previous month, reaching 8.7 percent. Thus, while the
unemployment rate fell to its lowest level in the last 4 months, it
remained in single digits for 10 consecutive months. According to
Turkish Statistical Institute (TUIK) data, in the same period, the
number of unemployed people decreased by 109 thousand to 3 million
78 thousand people. There was a 1.3 point decrease in the
unemployment rate compared to the same month last year. The
unemployment rate was estimated at 7.3 percent for men and 11.3
percent for women.

Unemployment is also decreasing among the young population,
including the 15-24 age group. The unemployment rate among young
people was 15.6 percent in February, with a decrease of 0.8 points
compared to the previous month. The unemployment rate in the 15-24
age group was calculated to be 13.4 percent for men and 19.6
percent for women.

The number of people employed in Turkiye increased by 147,000
people on a monthly basis in February, reaching 32.4 million
people. The employment rate also increased by 0.2 points, reaching
49.3 percent. Another 38 thousand people were added to the
seasonally adjusted workforce and the number climbed to 35.5
million. The labour force participation rate remained at the same
level, at 54 percent.

Evaluating the workforce statistics, Vice President Cevdet
Yılmaz said, “While our employment exceeded 32.4 million in
February, our employment rate, which reached 49.3 percent,
continues to remain at the highest levels in our history.”

C. Yılmaz emphasised that the February 2024 unemployment data
performed well compared to the Medium Term Program (MTP)
expectations, with a rate of 8.7 percent. Stating that the
unemployment rate for women decreased to the lowest level in 10
years with 11.3 percent, Yılmaz said: “In addition to the policies
that maintain economic stability in the coming period, we will
continue to pursue employment-friendly policies that will mobilise
the workforce potential, especially young people and women, and we
will continue to implement our program with determination. We will
continue to implement it.”

Minister of Labour and Social Security Vedat Işıkhan also drew
attention to the increase in employment. Işıkhan said, “Our
employment number increased by 147,000 people compared to the
previous month in February 2024, reaching its historical peak of
32.4 million people. We will continue our growth focused on
investment, production, employment, and exports with determined
steps.”

Turkiye is among the countries with the lowest unemployment rate
in the European Union, with 8.7 percent. Spain is at the top of the
unemployment list with 11.5 percent. Greece comes in second with 11
percent. The unemployment rate was 8 percent in Sweden, 7.7 percent
in Finland, 7.5 percent in Italy and 7.4 percent in France in
February.

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