Industrial output increases, unemployment rate declines

ISTANBUL

The pace of annual growth in industrial production gathered momentum, while the country’s unemployment rate declined in December, separate data showed on Feb. 10.

Industrial production surged 7 percent year-on-year in the final month of last year, accelerating from the 1.6 percent increase recorded in November, according to data from the Turkish Statistical Institute (TÜİK).

The country’s industrial output contracted for five consecutive months between June and October last year.

On a monthly basis, industrial production rose by 5 percent in December after increasing 2.9 percent in November.

In the key manufacturing sector, output went up by 6.8 percent year-on-year and 5.6 percent, said the statistics authority.

Among other sub-indexes, the mining and quarrying index increased by 1.8 percent and the electricity, gas, steam and air conditioning supply index by 11.4 percent in December 2024, year-on-year.

Intermedia goods production exhibited an annual and monthly increase of 0.4 percent and 3.2 percent, respectively.

The durable consumer goods manufacturing sector’s output rose 1.1 percent from a year ago, while non-durable consumer goods production fell 0.3 percent annually but increased 2.3 percent monthly

Energy production soared 11.3 percent from the same month of the previous year and the month-on-month increase was 0.5 percent.

 Unemployment rate falls

Separate data from TÜİK showed on Feb. 10 that the unemployment rate declined for the second month in a row.

The country’s jobless rate slowed from 8.6 percent in November to 8.5 percent in December.

The number of unemployed people fell by 39,000 monthly to a little more than 3 million.

The unemployment rate for men and women was 6.9 percent and 11.4 percent, respectively, TÜİK said.

The country’s labor force was estimated at 35.74 million as of December, down from 35.84 million in the previous month.

The labor force participation rate declined from 54.2 percent in November to 54.1 percent with the employment rate standing at 49.5 percent.

Among the 15-24 age group, the youth unemployment rate increased by 0.5 percentage points from the previous month to hit 16.3 percent in December, according to TÜİK.

The youth unemployment was 13.1 percent for men and 22.1 percent for women.