situation report

Mar 15, 2019 | 17:00 GMT

1 min read

Turkey: Unemployment Rate Climbs to Multiyear High

What Happened: Turkey's unemployment rate in December 2018 increased to 13.5 percent, while the country's youth unemployment rate is at 24.5 percent, according to a March 15 report by the Turkish Statistical Institute.

Why It Matters: Turkey's unemployment data for December 2018 shows the highest monthly jobless rate since 2009, underlining the country's economic struggle in the fourth quarter of 2018. Economic strain is a major concern of voters, which could have a political impact for the Turkish government in upcoming municipal elections.

Background: Turkey's struggle with unemployment partly stems from the country's currency crisis in summer 2018, which has contributed to a slowdown in domestic consumption and a chill on domestic and foreign investor sentiment.

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