Turkey's unemployment rate stood at 11.1 percent in August, up 0.5 percentage points compared to the same month a year earlier, the country's statistical authority has announced.
According to the Turkish Statistical Institute (TurkStat), the number of unemployed persons aged 15 years and over increased by 266,000 year-on-year to reach 3.67 million in August.
The non-agricultural unemployment rate also increased to 13.2 percent during the same period.
The youth unemployment rate -- persons aged between 15 and 24 -- was 20.8 percent, indicating an increase of 0.2-percentage points on a yearly basis in August.
Since August, Turkish economic growth has slowed. Hundreds of companies have filed for bankruptcy, while thousands of small firms and shops have closed. Other businesses have also reduced the number of their staff after a sharp decline in the lira.
There has also been some unease among investors after President Recep Tayyip Erdogan tightened his grip on economic decision-making following the adoption of a presidential system last June.
Meanwhile, Turkey’s budget posted a deficit of $994 million in October, a 64 percent increase from the same period last year.
The budget, excluding interest payments on debt, recorded a deficit of $200 million, the Treasury and Finance Ministry said.
