Unemployment rate rises in Turkey to its highest level in 10 years

According to data released on Monday, Turkey's unemployment rate rose to the highest since 10 years last January, as it exceeded 10 percent in most municipalities that used to be ruled by the ruling Justice and Development Party (AKP) and its nationalist allies, and the opposition managed to win in the last elections.

Unemployment rose more-than-expected to 14.7 percent in January corresponding to 13.5 percent a month earlier, according to figures released by the Turkish statistical agency (Turkestat).

The number of unemployed reached 4.7 million, up by 1.26 million from January last year. Moreover, Unemployment among young people reached 26.7 percent.

The loss of jobs underscores the economic challenges Turkey faces after it entered its first recession in 10 years after the collapse of the currency last year, Bloomberg agency said.

The currency is under pressure from the preliminary results of the municipal elections, which showed Erdogan's loss of control over both Ankara and Istanbul for the main opposition Republican Peoples' Party.

Last year, the lira lost about 30 percent of its value against the dollar because of US sanctions on Turkey, after the latter refused to release US detainee Andrew Branson.

(T/S)

ANHA