Türkiye's unemployment rate drops to 8.4% in May

Drop rate Unemployment exist Türkiye In May, the figure increased by 8.4%.

According to data released today by the Turkish Statistical Institute, the unemployment rate fell by 0.1% in May last year compared to the previous month (April 2024).

In May last year, the number of unemployed people aged 15 and above in Turkey decreased by 27,000 to 3 million and 11,000 respectively.

The unemployment rate also fell by 1.1% from the same month in 2023, with the unemployment rate for men reaching 7% and the unemployment rate for women reaching 11%.

The unemployment rate for young people aged 15 to 24 was 15%, up 0.3 percentage points from April last year.

The unemployment rate for men in the above age group is 12.8%, while the unemployment rate for women is 19.3%.

Rising trade deficit

Against the backdrop of Turkey’s macroeconomic signals, Turkey’s Commerce Ministry reported last week that the country’s trade deficit rose 21.4% year-on-year to $6.43 billion in June last year as both imports and exports fell.

Exports fell 10.6% year-on-year to $18.57 billion in June, while imports fell 4.1% to $25 billion in the same period, the ministry said in a statement.

Inflation is falling

Official data shows inflation Turkey's consumer prices fell to an annual rate of 71.6% in June last year, lower than expected, due to rising fees and prices in the education, housing and restaurant sectors.

The monthly rate in June was also lower than expected at 1.64%, compared with 3.37% in May, bringing the annual inflation rate to 75.45%, according to the Turkish Statistical Institute.

It is expected to drop to 42.6% by the end of 2024.

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