Saudi Arabia’s Unemployment Rate Steadies at 3.5% in Q1 2024
In an encouraging sign for the Kingdom, Saudi Arabia’s overall unemployment rate remained stable at 3.5 percent in the first quarter of 2024, showing a yearly decrease of 0.8 percentage points, according to the latest data from the General Authority for Statistics.
Positive Trends in Labor Market
The unemployment rate for Saudi nationals also saw improvement, reaching 7.6 percent in the first quarter, marking a slight decrease of 0.2 percentage points from the previous quarter and a yearly drop of 1.1 percentage points compared to 2023.
These statistics reflect the positive trend in the Kingdom’s labor market, showcasing ongoing efforts to enhance employment opportunities and drive economic growth as part of Vision 2030.
Rising Participation Rates
Labor force participation among Saudis increased by 1.0 percentage points in the first quarter of 2024, reaching 51.4 percent, while the employment-to-population ratio for Saudis also saw an upward trend.
The stable overall unemployment rate, coupled with the rising participation and employment ratios among Saudi citizens, demonstrates the impact of labor market reforms and economic diversification initiatives.
Growth in Female Employment
In Q1 2024, the employment-to-population ratio for Saudi women increased by 0.6 percentage points to 30.7 percent, with the labor force participation rate for females also rising by 0.8 percentage points to 35.8 percent.
However, the unemployment rate for Saudi women saw a slight increase to 14.2 percent, highlighting areas for further improvement in female employment.
Male Employment Metrics
Among Saudi male workers, both the employment-to-population ratio and labor force participation rate increased, reaching 63.6 percent and 66.4 percent, respectively. The unemployment rate for Saudi men decreased to 4.2 percent.
Job Search Preferences
According to the survey, a significant number of unemployed Saudi nationals are open to working in the private sector, with job seekers often seeking assistance from friends and relatives as a common job search method.
The data also revealed preferences for working hours and commute times, showcasing the readiness of Saudi job seekers to actively engage in the labor market.