Turkish unemployment rate decreases to 8.8% in Q4 2023

The number of seasonally adjusted unemployed persons aged 15 years and over decreased by 137 thousand to 3 million 70 thousand individuals.

Employment Rate Rises to 48.6%

During the same period, the seasonally adjusted employment rate increased by 0.2 percentage points to 48.6%, with the number of employed persons rising by 195 thousand to 31 million 867 thousand individuals. Men reported an employment rate of 65.8%, while for women, it stood at 31.6%.

Labour Force Participation Rate Declines to 53.2%

The seasonally adjusted labour force participation rate experienced a slight decrease of 0.1 percentage point, reaching 53.2%. The labour force increased by 57 thousand persons to 34 million 937 thousand individuals compared to the previous quarter. Among men, the participation rate was estimated at 71.0%, while for women, it stood at 35.8%.

Youth Unemployment Rate Drops to 15.9%

The seasonally adjusted youth unemployment rate (aged 15-24) decreased by 1 percentage point to 15.9%. For men in this age group, the unemployment rate was 12.7%, while for women, it stood at 21.8%.

Employment Sector Distribution

In the fourth quarter of 2023, the services sector accounted for 58.2% of seasonally adjusted employment. While agricultural employment decreased by 42 thousand persons, industry increased by 29 thousand persons, construction by 34 thousand persons, and services by 174 thousand persons.

Average Weekly Working Hours and Labour Underutilization Rate

The seasonally and calendar adjusted average weekly actual working hours decreased by 0.2 hours to 43.8 hours. Additionally, the composite measure of labour underutilization rate, consisting of time-related underemployment, potential labour force, and unemployment, increased by 0.4 percentage points to 22.9% in the fourth quarter of 2023 compared to the previous quarter. (ILKHA)