Unemployment in Turkey
Turkey - UnemploymentThe economy likely recorded a dismal fourth quarter, as the impact of the August 2018 currency crisis continued to reverberate. The manufacturing PMI was firmly in contractionary territory throughout the period on shrinking output and new orders, while business sentiment was decidedly pessimistic. Moreover, consumer spending was hit by higher interest rates, still-elevated inflation and depressed household sentiment, with retail sales declining sharply in October and vehicle sales plummeting throughout Q4. This comes after comprehensive data showed that GDP growth slowed sharply in Q3 on soft private consumption and fixed investment. More positively, the lira has recovered substantial ground since September, while external rebalancing continues apace, with a third consecutive monthly current account surplus in October. On the political front, President Erdogan announced a second 110-day plan in December. According to the president, it contains projects worth TRY 24 billion, which could provide a mild boost to demand going forward. Moreover, the government recently extended temporary tax cuts until the end of March, in a bid to fight inflation and support consumer spending.
Turkey - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Turkey Unemployment Chart
Source: Statistical Institute.
|Bond Yield||15.36||-0.09 %||Jan 21|
|Exchange Rate||5.32||-0.85 %||Jan 21|
|Stock Market||97,955||1.41 %||Jan 21|
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January 23, 2019
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, worsened from a revised 58.7 in December (previously reported: 58.2) to 58.2 in January.
January 16, 2019
At its monetary policy meeting on 16 January, the Central Bank of the Republic of Turkey (CBRT) left the one-week repo rate unchanged at 24.00% for the third consecutive meeting. The Bank’s decision to keep rates at their current high level was motivated by a desire to ensure inflation remains on the downward trend observed since November.
January 14, 2019
Industrial production declined 6.5% in November in calendar-adjusted year-on-year terms, a deterioration from October’s 5.7% decrease.
January 11, 2019
The current account balance recorded a USD 1.0 billion surplus in November, down from October’s revised USD 2.7 billion surplus (previously reported: USD 2.8 billion) but a marked turnaround from the USD 4.5 billion deficit observed in the same month last year.
January 3, 2019
Consumer prices fell 0.11% from the previous month in December, up from November’s 1.44% decrease, according to data released by the Turkish Statistical Institute (Turkstat).