Positive Developments in the Labor Market Continue
In May, the rise in employment and the decrease in the unemployment rate provided positive signals for the Turkish economy. According to seasonally adjusted data, employment increased by 273,000 people in May, reaching a total of 1.3 million people over the past 12 months. Additionally, the labor force participation rate climbed to a historic high of 54.5%. The unemployment rate dropped to its lowest level since November 2012, reaching 8.4%.
Finance Minister Mehmet Şimşek stated that these figures are an indication of the success of the government’s economic program. Şimşek said, “The ultimate goal of our program is sustainable, high, and inclusive growth with permanent increases in welfare. With the resolute implementation of our program, we will reduce inflation and improve income distribution.”
Source: Statements by Finance Minister Mehmet Şimşek.