Kaan Anlar

   In the third quarter of 2008, Real (Inflation Adjusted) GDP increased up by 
only 0.5% compared to a year ago according to data from the Turkish Statistical Institute (TUIK). 
Economic growth was the slowest it had been since the first quarter of 2002. 
In 2001 financial crisis, the last 3 quarters showed negative growth and Turkish 
economy contracted by  %-6.35, %-6,51, and %-9,85 for straight 3 quarters 
(compared to a year ago). The %0.32 expansion on first quarter of 2002 was 
the beginning of a four year run in which the growth rate was barely under %6.0. 

The economic crisis showed its effects on the Turkish economy toughly in the 
third quarter. Even it was said that the effects of the global crisis will be minor 
and limited by the Justice and Development (AK) Party, the falling export demand 
(and Industrial Production) put a heavy toll on Turkish economy.  
                   
                                
                         
Industrial Production fell by %-8.46 on October year on year (YoY), the biggest 
fall since November 2001. That was the 3rd straight month with negative growth. 
Following Industrial Production drop, unemployment rate went above %10.0 on 
September (%10.30) after August's rate of %9.80. Last year's unemployment rate 
on September was %9.3.
According to Turkish Statistical Institute (TUIK) on September 2008 the 
unemployment rate excluding farm /agricultural increased to %13.3. 
Unemployed on September 2008 was:
'.8 seeking job for year or longer 
%70.6 male
%55.3 with less than high school education 
%83.6 has an earlier work experience

Employed on September 2008 was:
% 60.6 worrks in companies with total of 9 or less employmees 
%72.9 male
`.7 with less than high school education