The Turkish Statistical Institute (TurkStat) announced latest developments in Turkey’s labor force and employment figures.
Accordingly, unemployment rate in Turkey as of August 2020 decreased by 0.8 percentage points to 13.2 percent, from 14.0 percent of August 2019. In due period, the number of unemployed people receded by 456,000 to 4,194,000.
Rising for the past four consecutive months, the number of people employed also reached 26.952 million (seasonally adjusted) in August. Thus, Turkey generated approximately 5.1 million new jobs in the last 10-year period.
In the past decade and a half, Turkey has been transforming its economic model to reach its full potential as a regional powerhouse. The new model is based on greater domestic production and employment creation. This helped preserve the productive capacity of the Turkish economy and laid the foundation for a quick V-shaped recovery during and after the pandemic.