Türkiye’s unemployment drops in 2024 as industrial production surges

Türkiye’s unemployment rate declined to 8.5% in December 2024, marking a 0.1 percentage point slight decrease from the previous month, while a 7% annual increase in industrial production was recorded.

According to the Turkish Statistical Institute (TurkStat), the number of unemployed individuals aged 15 and over fell by 39,000 compared to the previous month, reaching 3.03 million.

The unemployment rate also dropped 0.3 percentage points year on year.

By gender, the unemployment rate stood at 6.9% for men and 11.4% for women.

Industrial production rises 7%

Meanwhile, Türkiye’s industrial production posted a 7% annual increase in December 2024. On a monthly basis, the industrial production index rose 5%.

Among sub-sectors:

• The mining and quarrying index increased 1.8% year-on-year and 2.2% from the previous month.
• The manufacturing index climbed 6.8% annually and 5.6% month on month.
• The electricity, gas, steam, and air conditioning supply index rose 11.4% year-on-year and 0.4% from November.

Treasury and Finance Minister Mehmet Simsek shared insights on these figures in a post on X, emphasizing the positive effects of the disinflation program on employment and industrial production.

“Despite weak external demand and the short-term impacts of disinflation in 2024, our economy has continued to grow and generate jobs. Thanks to the progress made through our program, Türkiye’s economy is now more resilient and significantly stronger in terms of macro-financial stability,” Simsek stated.