World Print edition: 2019-11-16

Turkish unemployment rises to 14 percent, youth jobless at record

Published November 16, 2019 Updated November 16, 2019 08:06am

2 min

By BR Web Desk Recorder Report

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A currency crisis last year depressed demand and sent inflation soaring, In recent months, price rises have eased and other data, including industrial production, has pointed to a recovery in economic activity.

The unemployment rate rose from 13.9% a month earlier and 11.1% in the same period last year, the Turkish Statistical Institute data showed. The record high youth unemployment was up from 20.8% a year earlier.

Last year's currency crisis, when the lira lost nearly 30% of its value against the dollar, sent unemployment to a near-decade high of 14.7% in the first quarter.

According to Turkey's latest three-year economic programme, unemployment is seen at 12.9% by year end and down to 11.8% by the end of 2020.

But the rate is expected to rise in coming months due to fewer seasonal and tourism-related jobs, economists say.

Turkey's economy shrunk 1.5% in the second quarter after a 2.4% drop in the first. Demand has started to pick up as inflation has fallen and as the central bank slashed rates by 1,000 points since July.

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