Economy lost 200,000 jobs in Oct-Nov

The strongly seasonal character of the domestic labor market and the over 63,000 vacant jobs in tourism and food service for the 2022 season are causing imbalances in the domestic labor market. 

The balance of hirings and departures last month was negative, resulting in the loss of a total of 83,627 jobs. According to the available data of the Labor Ministry’s Ergani information system, that is the worst November performance since 2001, a fact that is causing a headache for experts, as together with the losses of the previous month (-115,856), in almost two months every positive effect of the reduction in unemployment and the significantly increased tourism traffic of the entire previous period was dissipated.

In total, within two months (October and November 2022) 199,483 jobs were lost. This, in fact, negatively affects the overall picture of the domestic labor market in 2022: In the January-November period the balance is positive, but only by 63,980 jobs, while the balance in 2021 was at +135,680 jobs.

This is in a year when unemployment also marked a significant drop and tourism posted a major recovery in relation to the period of the pandemic.