Turkey's unemployment rate rises to 13 per cent

Official data showed that Turkey's main unemployment rate rose to 13% in the three months to July, driven by an increase in youth unemployment.

The proportion of unemployed Turks rose from 12.8 percent in the three months to June, the Turkish Statistical Institute said on Monday.

The Turkish government is trying to stimulate the turbulent economy to no avail with cheap loans from state-run banks, tax cuts and central bank interest rates, after last year's currency crisis slowed economic growth.

The new data released by the Turkish Statistical Institute revealed that the unemployment rate in the non-agricultural sector rose to 15.3 percent in the same period (May to July), after it was at 15 percent in the period from April to June.

Youth unemployment rose from 23.3% to 24.8%. Unregistered employment increased to 35.2% of the labor force from 34.4%.

According to the Turkish Institute, the unemployment rate among young people with university qualifications was about 12.8 percent last year.

According to Sky News, the real figure is believed to be much higher, reflecting only graduates seeking employment through the Turkish Labor Institute, the government agency responsible for employment in the country.

Popular discontent with Recep Tayyip Erdogan's economic policies is driving the country towards destruction, and as Erdogan calls for austerity, Turkish media revealed on Sunday that he had bought four new Mercedes cars worth 80 million TL.

The Turkish president has been using a luxury presidential plane since last year, which Turkish media said costed $ 500 million, and its use sparked a wave of anger.

 


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