Unemployment rate decreases to 8.7% in Q1 amid increasing labor force
Turkish contractors have undertaken projects worth some $8.93 billion in first 7 months of 2023. (IHA Photo)
The Turkish Statistical Institute (TurkStat) has released labor force statistics for the January-March period.
According to the data, the number of unemployed people aged 15 and over increased by 30,000 in the first quarter of 2024 compared to the previous quarter, reaching 3.105 million. The unemployment rate decreased by 0.1 percentage points to 8.7%. The unemployment rate was estimated at 7.2% for men and 11.7% for women.
The number of employed individuals increased by 534,000 in the first quarter of 2024 compared to the previous quarter, reaching 32.442 million, while the employment rate rose by 0.7 percentage points to 49.3%. This rate was 66.6% for men and 32.4% for women.
The labor force increased by 563,000 in the first quarter of 2024 compared to the previous quarter, reaching 35.546 million, while the labor force participation rate rose by 0.8 percentage points to 54.1%. The labor force participation rate was 71.7% for men and 36.7% for women.
The unemployment rate among the youth population aged 15-24 decreased by 0.5 percentage points to 15.6% compared to the previous quarter. In this age group, the unemployment rate was estimated at 12.8% for men and 20.9% for women.
The seasonally adjusted number of employed individuals increased by 73,000 in the agriculture sector, 103,000 in the industrial sector, 82,000 in the construction sector, and 276,000 in the services sector in the first quarter of 2024 compared to the previous quarter. Of those employed, 14.6% were in agriculture, 20.8% in industry, 6.6% in construction, and 58.0% in services.
The average weekly working hours were 43.5 hours
The seasonally and calendar-adjusted average weekly actual working hours for those employed and at work during the reference period decreased by 0.4 hours to 43.5 hours in the first quarter of 2024 compared to the previous quarter.
