The rise of the Turkish deficit and the increase in unemployment rates


The latest figures revealed by the official authorities in Turkey on Monday showed that there is an increase in the budget deficit and unemployment rate, reflecting the large decline of the Turkish economy since the collapse of the lira against the dollar.
The Turkish Ministry of Finance said the budget deficit amounted to 6 billion pounds (1.03 billion dollars) in September.

The September budget showed an initial surplus, excluding interest payments, of LL 4.3 billion. The budget deficit hit LL 56.7 billion in the first nine months of the year, according to figures.

On the other hand, data from the Institute of Statistics of Turkey, the unemployment rate reached 10.8 percent in the period from June to August, compared with 10.2 percent between May and July.

Non-farm unemployment averaged 12.9 percent from June to August, the figures showed, compared with 12.1 percent between May and July.

The Turkish lira has lost more than 40 percent of its value since the beginning of the year because of the policies of President Recep Tayyip Erdogan, who controls the central bank.