Saudi Arabia Sees Decrease in Unemployment Rate
Unemployment in Saudi Arabia dropped to 4.4 percent in the fourth quarter of 2023, a decrease of 0.4 percentage points from the previous year.
Key Statistics Revealed
The General Authority for Statistics (GASTAT) reported a 0.7 percentage point decline in joblessness rate compared to the previous quarter. Non-employment among Saudi nationals also decreased to 7.7 percent in the fourth quarter of 2023.
Challenges and Goals
Saudi Arabia aims to reduce the overall unemployment rate to 7 percent by 2030, with a target of 30 percent women’s participation in the workforce. The recent data showed a decrease in unemployment among Saudi females but a slight decline in labor force participation.
Employment Trends
While unemployment remained unchanged for Saudi males, there was a slight decrease in labor force participation. However, the employment-to-population ratio among women increased during the same period.
Job Preferences and Search Methods
A significant percentage of non-employed Saudi nationals are willing to work in the private sector, with many open to long hours and commuting for work. The most common job search method was seeking assistance from friends and relatives, followed by direct applications to employers and the National Employment Platform.