Türkiye's unemployment rate hit its lowest level since November 2012, with 8.5% in October, according to the official data shared Monday.

The unemployment rate declined by 0.5% compared to a month earlier, data from the Turkish Statistical Institute (TurkStat) showed.

The number of unemployed persons aged 15 years old and over decreased by 163,000 to 2.96 million persons in October 2023 compared to the previous month.

The rate was estimated at 7.0% for men and 11.3% for women, according to the TurkStat.

The seasonally adjusted labor force participation rate was realized as 53.1%.

The unemployment rate was calculated at 8.4% in November 2012.

The number of employed persons increased by 246,000 to 31.83 million in October compared to the earlier month. The employment rate occurred at 48.5%, with an increase of 0.3 percentage points. In addition, this rate was 65.8% for men and 31.6% for women.

The youth unemployment rate in the 15-24 age group was 16.3%, with a drop of 0.4 percentage points compared to September. The rate was estimated at 13.8% for men and 21.0% for women.