The Turkish Statistical Institute reported on Thursday that the employment index in Türkiye witnessed a 2.3% annual increase in the fourth quarter of 2023 across industry, construction, and trade-services sectors.

Breaking down the figures, the industrial sector experienced a slight decrease of 0.9%, while the construction sector saw a significant rise of 11.1%, and the trade-services sector increased by 2.5%.

Additionally, the hours worked index showed a 1.5% annual increase, with the construction sector notably rising by 9.7%.

Gross wages and salaries also surged, with an annual increase of 109.9%, led by significant growth in the construction sector at 135.6%.

On a quarterly basis, the employment index saw a marginal increase of 0.1%, with the construction sector leading at 1.5%.

However, the hours worked index experienced a slight decline of 0.6%, mainly driven by decreases in the industrial and trade-services sectors.

Remarkably, gross wages and salaries spiked by 16.2% quarterly, with substantial increases observed across all sectors.

Furthermore, the hourly labor cost index witnessed a substantial annual increase of 108.8%, while hourly earnings and labor costs excluding earnings also recorded significant growth.

Quarterly data revealed a steady increase in labor costs, hourly earnings, and labor costs excluding earnings, signaling a dynamic economic landscape in Türkiye. (ILKHA)