Turkish jobless figure rises after 4-month drop

GMT 22:18 2014 Monday ,15 September

Arab Today, arab today Turkish jobless figure rises after 4-month drop

Turkey’s economy
Ankara - Anadolu

The number of unemployed people increased by 0.3 percentage points in June compared to the previous month, the statistics office of Turkey said on Monday.
Unemployment in June rose to 9.1 percent from 8.8 percent in May, breaking a four-month downward trend.
The 0.3 percentage point figure represents a 103,000 increase in the number of unemployed people.
Although Turkey’s economy has been creating jobs at a significant pace, the number of people looking for work is growing faster than the economy can employ.
Many authorities regard growth of more than five percent as necessary to keep unemployment in Turkey under control.
The latest figures come after annual inflation in August rose to 9.54 percent and Turkish GDP increased by 2.1 percent in the second quarter of the year, significantly behind estimates of 2.8 percent.
"Turkey has to grow over five percent annually. If we remain below five percent growth we cannot reach our targets,” Economy Minister Nihat Zeybekci said recently, suggesting the government expects the Central Bank of Turkey to ease monetary policy for growth.
Interest rates have been a matter of much debate in Turkey for some time since the country’s central bank insisted on maintaining high interest rates until clear signs of an improvement in the inflation outlook. Government officials claim this policy suppresses growth in the country.


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