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 ever recorded in that regard.

When the agriculture sector excluded, the adjusted unemployment rate also climbed considerably to 14.3% which was a result of the weaker economic activity and deteriorating expectations. Last year also...