Saudi Arabia's overall unemployment rate drops to 3.3 percent in Q2
Date
9/30/2024 8:33:43 AM
(MENAFN) In the second quarter of 2024, Saudi Arabia's overall unemployment rate fell to 3.3 percent, marking a 0.2 percentage point decrease from the previous quarter, according to official data released by the General Authority for Statistics. This decline represents a notable improvement, as the unemployment rate has dropped by 0.8 percentage points compared to the same period last year. The reduction in unemployment aligns with the Kingdom's Vision 2030 initiative, which aims to enhance job opportunities for Saudi citizens and stimulate economic growth, supporting long-term socio-economic development.
Among Saudi nationals, the jobless rate decreased to 7.1 percent, with a quarterly drop of 0.5 percentage points and an annual decrease of 1.4 percentage points. This positive trend is further bolstered by the launch of Jadarat in June, a unified employment platform that connects job seekers with positions in both the public and private sectors, which is part of broader efforts to combat unemployment in the country.
However, the labor force participation rate among Saudis saw a slight decrease of 0.6 percentage points in the second quarter, settling at 50.8 percent, although this marks a 0.1 percentage point increase from the same period the previous year. The employment-to-population ratio for Saudis also experienced a decline of 0.3 percentage points compared to the first quarter of 2024, now standing at 47.2 percent. On a positive note, there was an annual increase of 0.8 percentage points compared to the second quarter of 2023.
Notably, the unemployment rate for Saudi women saw a significant quarterly decline of 1.4 percentage points, reaching 12.8 percent, although the employment-to-population ratio for women dipped slightly to 30.8 percent. For men, the employment-to-population ratio remained stable at 63.6 percent, while labor force participation decreased marginally to 66.3 percent. The GASTAT survey indicated that an overwhelming 95.5 percent of jobless Saudis are willing to consider roles in the private sector, with 81.9 percent of unemployed Saudi women and 93.8 percent of men open to working eight or more hours a day. The overall decline in unemployment reflects Saudi Arabia's ongoing efforts to reshape its labor market, indicating promising prospects for increased workforce participation and expanded opportunities for its citizens.
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