A trend of dropping unemployment in Turkey that began in August last year continued in November, according to recently released figures from the Turkish Statistical Institute (TurkStat), which could spell good news for those contemplating taking up work in the transcontinental country in 2020.
Indeed, the latest drop recorded for November brought the national unemployment rate to 13.2% –the lowest seen in 2019 – compared to the 13.5% observed the previous month.
With the Turkish economy having created 280,000 new jobs since unemployment started to decline, it seems that plenty of opportunities may await those using an umbrella company in Turkey. Concerns do still persist, however, including about a high level of youth unemployment.
What else can we learn from drilling down into the figures?
There was still plenty of reason for caution when looking at the latest statistics about the situation of the Turkish labor market, which will also need to be borne in mind by independent professionals.
The country’s unadjusted unemployment rate of 13.3% in November may have been an improvement on the situation of months before, but it remains higher than the 12.3% observed for the same month in 2018.
Furthermore, while there has been a decrease in youth unemployment from the all-time high of 27% seen in August, this was only to 24%.
The improving Turkish job market can be attributed to a further drop in the country’s participation rate, the 52.8% rate recorded for November being the lowest since mid-2017. The size of the labor force in Turkey has actually remained the same during this period, at 32.7 million.
On a sector-by-sector basis, 92,000 jobs were added in industry and 45,000 in agriculture. However, declines were recorded for construction and services of 10,000 and 8,000 respectively.
Nonetheless, the fact that more than 100,000 new jobs have been posted for two months in a row indicates the Turkish labor market recovery is gathering pace.
Work with us to position yourself advantageously for professional success in Turkey this year
As unemployment continues to fall in Turkey amid a better economic outlook and a particularly strong performance for public sector hirings, your timing might not have been much better if you are considering taking up a new contract in the country in the months immediately ahead.
Place your faith in Link Global Management as your umbrella company in Turkey, and we’ll help you to plan effectively for the next chapter of your professional life at this fascinating gateway between Asia and Europe – including getting your tax and accounting arrangements just right. Simply contact our team now for further information, advice and guidance.