Turkey’s employment index grows 4.2% in Q2 ’24

Turkey’s Labour Input Indices for the second quarter of 2024 show notable annual increases across key economic metrics, reflecting a dynamic yet uneven labour market performance, according to Turkish statistical institute, TURKSTAT.

The Employment Index, encompassing the industry, construction, and trade-services sectors, rose by 4.2 per cent year-on-year in the second quarter of 2024.

The construction sector led this growth with an 11.1 per cent increase, while the industrial sector saw a modest rise of 0.6 per cent.

The Hours Worked Index edged up by 0.3 per cent annually, with the industrial sector experiencing a 3.4 per cent decline. In contrast, the construction sector recorded a 4.8 per cent increase, and trade-services saw a 1.7 per cent rise.

A significant highlight was the Gross Wages-Salaries Index, which surged by 115.4 per cent compared to the same period last year.

This dramatic increase was driven by substantial rises across all sectors, including a 126.6 per cent jump in the construction sector and a 113.9 per cent increase in the industrial sector.

Quarterly data also indicate positive trends. The Employment Index grew by 0.7 per cent compared to the first quarter of 2024, with construction and trade-services driving the increase, despite a slight decline in the industrial sector.

However, the Hours Worked Index saw a 0.2 per cent decrease, mainly due to reduced activity in the industrial and construction sectors.

The Gross Wages-Salaries Index showed strong quarterly growth of 14.3 per cent, reflecting rising wages across all sectors.

The Hourly Labour Cost Index also demonstrated a sharp annual rise of 112.2 per cent, highlighting ongoing inflationary pressures within the labour market.