Unemployment in Turkey
Turkey - UnemploymentThe Turkish economy continued to flag at the start of the year. Consumer credit growth eased to a decade low in Q1 2019, while retail sales continued to contract in the first two months of the year. Consumer spending felt the pinch from high unemployment, depressed confidence levels, still-elevated inflation and a weak currency. Moreover, the manufacturing sector remained in a tough spot as reflected by its weak PMI reading throughout Q1 and April. Against this backdrop, the government announced new reforms in early April in an attempt to stimulate the economy. In more positive news, tourism income rose robustly in the first quarter of the year as the number of visitors increased noticeably from a year earlier, likely aided by the starkly cheaper lira. Meanwhile, the trade deficit narrowed as imports continued to fall sharply through March in tandem with the plunging lira.
Turkey - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Turkey Unemployment Chart
Source: Statistical Institute.
|Bond Yield||19.67||-0.09 %||May 13|
|Exchange Rate||6.06||-0.85 %||May 13|
|Stock Market||86,283||1.41 %||May 13|
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May 23, 2019
Confidence among Turkish business turned pessimistic in May, with the Real Sector Confidence Index falling to 98.9 from 105.5 in April, which had marked the best result since June 2018.
May 21, 2019
Consumer sentiment among Turks dropped from 63.5 in April, which marked the best result since August 2018, to 55.3 in May, the lowest level since contemporary records began in 2004.
May 14, 2019
Output in Turkey’s industrial sector fell 2.2% year-on-year in March, up from February’s slightly revised 5.0% drop (previously reported: -5.1% year-on-year).
May 13, 2019
Turkey’s current account deficit narrowed from USD 4.7 billion in March 2018 to USD 589 million in March 2019, which marked the smallest shortfall since November 2018 and an improvement from February’s revised USD 739 million gap (previously reported: USD 718 million deficit).
May 7, 2019
Finance Minister Berat Albayrak outlined much anticipated new policy measures on 10 April in the face of a prolonged downturn in the Turkish economy, characterized by sky-high inflation, high unemployment, an elevated corporate debt burden and a rising stock of non-performing loans.