Turkey’s unemployment rate inched higher to 11.1 per cent in August, despite an economic slowdown sparked by a currency crisis that sharply curbed demand for exports, loans and consumer goods.
The state statistics agency said 266,000 more people were out of work in August, bringing the total number of unemployed to 3.7m people, out of a total population of 80m people. The jobless rate was 10.6 per cent in August 2017.
Turkey’s $800bn economy has lost momentum since a plunge in the lira currency in August, brought on by fears of overheating as inflation soared to 15-year highs. (FT)