https://arab.news/nyyzm
RIYADH: Saudi Arabia’s overall unemployment rate fell to 3.3 percent in the second quarter of 2024, a 0.2 percentage point drop compared to the previous quarter, official data showed.
According to data from the General Authority for Statistics, the unemployment rate also declined by 0.8 percentage points compared to the same period last year.
The jobless rate among Saudi nationals fell to 7.1 percent, a quarterly drop of 0.5 percentage points and an annual decline of 1.4 percentage points.
The decrease aligns with the Kingdom’s Vision 2030, which aims to enhance job opportunities for Saudis and stimulate economic expansion. The improvement in labor market indicators is expected to support long-term socio-economic development.
In June, Saudi Arabia launched Jadarat, a unified employment platform designed to connect job seekers with positions in the public and private sectors, part of broader efforts to tackle unemployment.
Labor force participation among Saudis slipped by 0.6 percentage points in the second quarter to 50.8 percent, though it edged up 0.1 percentage points from the same period a year earlier.
“The employment-to-population ratio for Saudis declined by 0.3 percentage points compared to the first quarter of 2024, standing at 47.2 percent, while it increased by 0.8 percentage points annually compared to the second quarter of 2023,” stated GASTAT.
Saudi female unemployment saw a sharp quarterly decline of 1.4 percentage points, landing at 12.8 percent. The employment-to-population ratio for women slipped by 0.1 percentage points to 30.8 percent.
For men, the employment-to-population ratio remained steady at 63.6 percent, while labor force participation edged down by 0.1 percentage points to 66.3 percent.
The GASTAT survey revealed that 95.5 percent of jobless Saudis are willing to take up 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 decline in unemployment underscores Saudi Arabia's progress in reshaping its labor market. As the Kingdom continues to focus on economic diversification, these positive trends signal the potential for stronger workforce participation and broader opportunities for its citizens moving forward.