File photo
Turkey's unemployment rate dropped to 9.7 percent in May, down 0.5 percentage points compared to same month last year, the country's statistical authority announced on Wednesday.
The Turkish Statistical Institute (TurkStat) said the number of unemployed persons aged 15 years and above -- 3.1 million last May -- slipped by 89,000 year-on-year.
Official data also showed that non-agricultural unemployment decreased 0.6 percentage points to 11.6 percent during the same period.
The youth unemployment rate, including persons aged 15-24, was 17.8 percent, down 2 percentage points on a yearly basis in May.
Turkey's stock exchange started the midweek trading day up 1.74 percent, or 1,622.28 points, to open at 95,040.93 points on Wednesday.On the third transaction day of the week, the banking and holding sector indices gained 2.55 percent and 1.90 percent, respectively.While all sector indices started the day on rise, the leasing factoring sector index posted the best performance, up 3.71 percent.Tariffs on Turkish imports ‘pose serious risks’ for USOn Tuesday, Borsa Istanbul's BIST 100 closed at 93,418.65, up 0.79 percent, or 734.10 points, with a trade volume of 11.2 billion Turkish liras (around $1.72 billion).The U.S. dollar/Turkish lira exchange rate dropped to 6.3470 as of 9.30 a.m. local time (0630GMT) on Wednesday, from 6.5410 at Tuesday's close.The euro/lira exchange rate fell to 7.2020 in the open market -- from 7.4500 at the previous close -- while one British pound traded for 8.0980 Turkish liras versus 8.3740 at the previous close.The price of Brent oil rose to $72.36 per barrel as of 10.00 a.m. local time (0700GMT) Wednesday, down from $73.36 at the previous close -- climbing from around $66 at the beginning of the year.Turkey raises tariffs on US-origin products
Turkey's Borsa Istanbul up at open
TurkStat said unemployment for the 15-64 age group was also down 0.5 percentage points to 9.9 percent in the same period.
In May, employment rate rose by 0.4 percentage point from the same month last year up to 48.1 percent.
"The number of employed persons rose by 650,000 to 29.1 million persons in the period of May 2018 compared with the same period of the previous year," TurkStat said.
The labor force participation rate was also up by 0.3 percentage point year-on-year, going up to 53.3 percent in the month.
Turkey has increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.Under the decree, Turkey will raise tariffs to 100 percent on imports of the products.The new decree amends a presidential decree on July 11."Tax rates on imports of some products have been increased on a reciprocal basis against the U.S. administration's deliberate attacks on our economy," Vice President Fuat Oktay said on Twitter.Turkey to boycott US construction materialsAmong the products are cars, rice, some alcohol and tobacco products and some cosmetic products like sun creams.On Friday, Turkey’s Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the U.S. administration.Foreign Ministry Spokesman Hami Aksoy said on Twitter that President Donald Trump's decision, which also violates World Trade Organization rules, does not comply with "state seriousness".Trump ramped up his attack on Turkey by raising steel and aluminum tariffs to 50 percent and 20 percent respectively.Chinese firm to buy raisins from Turkey rather than USThe U.S. decision is another salvo in the growing dispute between Turkey and the U.S.Last week, a Turkish delegation returned from Washington with no movement on the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.Brunson's charges include spying for the PKK -- listed as a terrorist group by both the U.S. and Turkey -- and the Fetullah Terrorist Organization (FETÖ), the group behind the defeated coup attempt in Turkey of July 2016.Turkey to boycott US construction materialsTurkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing Brunson.The two NATO allies have been at odds since the defeated coup, which Ankara accused U.S.-based Fetullah Gülen and FETÖ of masterminding.Video: Erdoğan: Turkey will boycott US electronic products
Turkey raises tariffs on US-origin products
Official figures showed that the labour force participation rate for males was flat at 72.6 percent and for females it was 34.4 percent with an annual rise of 0.5-percentage point.
TurkStat also reported that the rate of unregistered employment -- people working without social security related to their principal occupation -- was 33.7 percent in May, marking a 0.5-percentage point decrease from May 2017.
The institute will release next report on this subject on Sept. 17.