Turkey’s unemployment rate fell to 10.6 percent in March from 11.2 percent in February according to a statement by the Turkish Statistical Institute on Monday.
In comparison to same period in last year, the unemployment rate increased by 0.9 percentage point in March. The number of unemployed youth aged between 15-24 increased by 1.9 percentage point in March while the unemployment rate for those aged between 15-64 increased by 0.9 percentage point. Overall, the labor force participation rate was 50.4 percent.
After seasonal adjustment the number of people employed increased by 26 million 407 persons while number of unemployed decreased.
Earlier this week, data revealed that Turkey’s Gross Domestic Product (GDP) surpassed expectations, as it expanded 2.3 percent in the first quarter of 2015. The year-on-year growth rate was anticipated to advance by around 1.6 percent.
Moreover, in a separate report, Turkey’s central government’s budget realisation was announced. In May, Turkey had a budget surplus of 1.6 billion Turkish lira ($588 million), while the budget had a deficit of 2.4 billion Turkish lira ($882 billion) in the first five months of this year.
Speaking on the data after careful evaluation, Finance Minister Mehmet Simsek said, “despite the low levels of growth of the Turkish economy compared with our target, the economy will easily meet our budgetary target of 2015.”