Türkiye’s unemployment rate falls to 20-year low: TurkStat

Türkiye’s unemployment rate extended its decline for a third consecutive month in March, falling by 0.3 percentage points month-on-month to 7.9%, its lowest level in 20 years, the Turkish Statistical Institute reported on Tuesday.

The previous record low was reported in July 2012 at 8%.

The number of jobless aged 15 and over dropped by 65,000 to 2.8 million, while the labor force participation rate increased by 0.4 points from a month ago to 53.4% in March.

The employment rate rose by 0.6 points to 49.2% this March, accounting for 32.6 million people. Youth unemployment, defined as those aged 15-24, edged up 0.1 points to 15.1%.

TurkStat defines unemployed individuals as those who are not employed, have looked for a job in the past three months, and are available to start work within 15 days.

Turkish economic confidence falls to 8-month low

Meanwhile, Türkiye’s economic confidence index declined to 96.6 in April, down from 100.8 in March, according to data released by the Turkish Statistical Institute (TurkStat) on Tuesday.

Breaking down the sectors, the services confidence index posted a monthly decrease of 4.3%, while construction confidence fell by 4.2%, and retail trade confidence slipped by 2.5%. Both the consumer confidence and real sector confidence indexes dropped by 2.3% compared to the previous month.

The economic confidence index, which ranges from 0 to 200, is a key measure of overall sentiment regarding the economy. A reading above 100 signals optimism, while a figure below 100 reflects a more pessimistic outlook.