Türkiye’s unemployment slightly decreases to 8.6% in November: TurkStat

The unemployment rate in Türkiye decreased by 0.1 percentage points in November 2024, reaching 8.6%, compared to the previous month, the Turkish Statistical Institute (TurkStat) reported Friday.

According to TurkStat data, the total number of unemployed individuals aged 15 and above dropped by 84,000 from the previous month, bringing the figure to 3.72 million. Year-on-year, the unemployment rate saw a decline of 0.4 percentage points.

Key highlights from November’s labor market data

• The unemployment rate for men was estimated at 7%, while for women, it stood at 11.7%.
• Among the youth aged 15-24, the unemployment rate decreased by 0.5 percentage points from the previous month, settling at 15.8%. This figure included an 11.9% unemployment rate for young men and 23% for young women.

• The seasonally adjusted number of employed individuals dropped by 168,000 compared to the previous month, totaling 32.75 million.

• The overall employment rate decreased by 0.2 percentage points, standing at 49.6%. Employment rates for men and women were recorded at 67.1% and 32.4%, respectively.
• The seasonally adjusted labor force shrank by 252,000 from the previous month to 35.82 million, while the labor force participation rate fell by 0.4 percentage points to 54.2%. Male and female participation rates were 72.1% and 36.7%, respectively.

On the other hand, TurkStat reported that in the same month, Türkiye’s industrial production index rose by 2.9% on a monthly basis and 1.5% year-on-year, alongside the construction cost index, saw a modest monthly increase of 0.04% but surged by 35.93% compared to November 2023.

Industrial production reaches 6-month high

Finance Minister Mehmet Simsek shared his evaluation of TurkStat’s November 2024 labor force statistics and industrial production index on his X account.

Highlighting the positive developments in the data, Simsek stated, “Despite weak external demand conditions and the disinflation process, our policies aimed at supporting investment, employment, production, and exports have helped our economy maintain its resilience. Industrial production has reached its highest level in six months.”

Simsek also noted that while employment declined in November 2024 due to seasonal factors, the January-November 2024 period saw an annual employment increase of over 1 million.