Unemployment Rises to 16.1 Percent

According to an announcement May 15 by the Turkish Statistics Institute (TURKSTAT), unemployment in Turkey reached 16.1 percent in February, a 4.2 percent jump over February 2008.  Youth unemployment stood at 28.6 percent, an increase of more than seven percent over a year ago.

These are record high numbers for the rate of unemployment, reflecting the rising impact of the global economic crisis on the Turkish economy.  As a lagging indicator, the rate of unemployment is almost certain to climb higher even as observers detect signs that the crisis may be bottoming out.

Source: Hurriyet Daily News

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