Turkiye reduces unemployment with export-oriented growth policy

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 Y?lmaz 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. Y?lmaz 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, Y?lmaz 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 I??khan also drew attention to the increase in employment. I??khan 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.