Full employment

The latest report of the Parliamentary Budget Office finds significant malfunctions in the labor market, as despite the notable reduction in unemployment, the rate of which fell in 2024 below 10% for the first time since the crisis of the 2010s, labor market participation in the third quarter of the year decreased compared to the corresponding quarter of 2023 to 60.3% from 60.4%.

The Cypriot labor market has achieved its strongest performance in the past 15 years in 2024, driven by increased job creation, employment growth, reduced unemployment, and rising wages.

Unemployment has remained at a double-digit rate for 14 years.

Even in the last 18 months of contraction, it has failed to drop below 10%, with experts pointing to a pool of 500,000 unemployed at the hard core of the phenomenon.

Its rate may have decreased last March to 10.2% from 10.8% in February, but it remained above the 10% barrier.

Türkiye's unemployment rate decreased to 9.5 percent in May, the lowest level since March 2014, with a 0.5 percentage decrease from April, according to official data.

The nation's unemployment rate fell by 193,000 people to 3.3 million in May on a monthly basis, official figures from the Turkish Statistical Institute (TÜİK) showed yesterday.

The government will increase the salaries of active and retired civil servants more than the six-month inflation rate, Labor and Social Security Minister Vedat Bilgin has said.

"We will make an additional raise of social protection for public servants above the inflation rate," he said, adding that the increase will also include retired civil servants.

Unemployment rate in Turkey dropped 0.5 percentage points in February to 10.7 percent, according to data released by the Turkish Statistical Institute (TÜİK) on April 11. 

The number of unemployed people - aged 15 years old and over - fell by 178,000 to 3.58 million in February compared to the previous month, TÜİK said.

Quarterly macroeconomic analysis of UniCredit Bulbank:

Economic growth in 2022 will remain at last year's levels amid growing fears of inflation

Turkey's unemployment rate stood at 13.7 percent in 2019, the Turkish Statistical Institute (TÜİK) said on March 20.

The figure marked a 2.7 percent rise compared to the previous year.

According to TÜİK, the number of unemployed aged 15 and over in Turkey reached 4.4 million last year - a rise of 932,000 compared to 2018.

Turkey's unemployment rate hit 12.7 percent in December 2016, the highest since March 2010, while youth unemployment stood at 24 percent, official data from the Turkish Statistics Institute (TÜİK) showed on March 15. 

The U.S. Federal Reserve increased its benchmark interest rate by 0.25 percent, marking its first rate hike since last December and only the second in a decade, the Federal Open Market Committee (FOMC) announced late on Dec.14.