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Turkish Economy Continues In Strong Solid Recovery

News Posted On: 15 July 2010

The Turkish economy continued on its path of strong recovery in April with another fall in unemployment.

According to Turkish statistical institute Turkstat, unemployment in the country stood at 12% in April, down from 14.9% in April last year and down from 12.5% in March.

The data showed that 1.1 million jobs have been added in the services sector, and 660,000 in the agricultural sector during the year ending April, with 119,000 being created across the economy during the month.

The fact that the positive news was tempered by another rise in the Turkish budget defict was not enough to stop research and investment firm Capital Economics from calling Turkey's short-term outlook "brightest in emerging Europe"

Perhaps even more positive is the fact that the percentage of people under-24 who are unemployed dropped from 26.5% last year to 21.2%, which is still far too high, but definitely moving in the right direction. Equally the workforce participation rate, a measure of how many people of working age have jobs or are seeking employment, rose to 48.8 percent from 47.2 percent a year earlier, TurkStat said.

This is all very positive indeed, however there is still a long way to go for Turkey to bring unemployment back down to the 10% recorded before the collapse of lehman Brothers in September let alone generate any real growth.

In terms of the recovery though, Turkey seems to be making steady progress, which is good because growth coming at a steady rate allows each bit of progress to be consolidated into a solid recovery.

With the stability and recovery of an economy becoming ever more important in the decision making processes of overseas property buyers, Turkish property should see its popularity with these buyers continue to rise.

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