Turkish statistics office released December 2016 jobs report which suggested that the unemployment rate at 12.7% hit a 7-year high as well as a seasonally adjusted figure at 12%. More importantly, the number of unemployed people stood at 3.87 million which was the higher figure…
The unemployment rate in Turkey rose by 1.2 percentage points y/y to 11.3% while the non-farm unemployment rate climbed to 13.7%. This August job report marked another step in deceleration pace of the economy. Partly due to the purge following the coup attempt and struggling…
In a widely expected and almost inevitable move, Moody’s downgraded Turkey’s sovereign rating by one notch to Ba1 (junk level) on Friday, quoting the increase in the risks related the country’s external funding requirements and the weakening in previously supportive credit fundamentals, particularly growth and…
Good News or Bad News Labor market data for February 2016 was released early this week. The unemployment rate was down 20 basis points on monthly basis to 10.9% according to the official figures. The employment rate also saw a pick-up and stood at 45.3%…
Turkish banks had outperformed European peers over the course of last year. However, rising risks around Turkish central bank’s independency depressed the asset prices in the country as well as the share prices. Therefore, the gap between Turkish banks and their European peers began to…