Unemployment rate in Turkey reaches 12-year low in May

(MENAFN) According to data released by the Turkish Statistical Institute (TurkStat) on Wednesday, Türkiye's unemployment rate decreased to 8.4 percent in May, marking its lowest level since November 2012. This represents a decline from 8.5 percent in April and a notable improvement from 9.5 percent recorded in May 2023.

The data further revealed that the number of unemployed individuals decreased by 27,000 to 3.01 million on a monthly basis in May. Concurrently, the number of employed individuals rose by 273,000, reaching 32.9 million in May 2024 compared to the previous month. This increase contributed to an uptick in the employment rate to 50 percent, up by 0.4 percentage points over the same period.

However, there was a slight increase in youth unemployment, with the rate for the 15-24 age group rising to 15 percent, up by 0.3 percentage points on a monthly basis. This trend highlights ongoing challenges in the youth employment sector despite overall improvements in Türkiye's labor market.

The latest figures underscore Türkiye's efforts to bolster economic recovery and employment opportunities, reflecting positive momentum in reducing unemployment rates and increasing workforce participation across various demographic segments.

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