(MENAFN) In the fourth quarter of 2023, Saudi Arabia witnessed a notable decline in its overall unemployment rate, which dropped to 4.4 percent, marking a decrease of 0.4 percentage points from the same period in 2022. According to the latest report from the General Authority for Statistics (GASTAT), this decline represents a significant improvement in the employment landscape compared to the preceding three months, with the joblessness rate witnessing a 0.7 percentage point decrease.
GASTAT data further reveals that non-employment among Saudi nationals stood at 7.7 percent in the fourth quarter of the previous year, indicating a decrease of 0.3 percentage points compared to the corresponding period in 2022. However, the participation of Saudi nationals in the labor force experienced a decline of 1.2 percentage points year-on-year, reaching 51.3 percent.
The reduction in unemployment aligns with the objectives outlined in Saudi Arabia's Vision 2030, with a key goal of lowering the unemployment rate to 7 percent by the end of the decade, alongside an anticipated increase in women's participation in the workforce to 30 percent. Notably, in the fourth quarter, the unemployment rate among Saudi females saw a significant decrease of 2.6 percentage points, dropping to 13.7 percent compared to the previous three months. This positive trend underscores the efforts being made to enhance employment opportunities and promote inclusive economic growth in the Kingdom.
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