Saudi Unemployment Rate Drops to 7.1% in Q2, Driven by Private Sector Growth

RIYADH, September 30, 2024 (Saudi Arabia Breaking News) – Unemployment among Saudi citizens fell to 7.1% in the second quarter of 2024, down from 7.6% in the previous quarter and 8.5% a year earlier, according to data released by the General Authority for Statistics on Monday.

The overall unemployment rate, including expatriate workers, decreased to 3.3%, compared to 4.1% during the same period last year.

Job creation, particularly in the private sector, remains a key focus of Crown Prince Mohammed bin Salman’s Vision 2030 initiative, which aims to diversify the economy away from oil. The latest data shows 95.5% of unemployed Saudi citizens are willing to accept private sector jobs.

Female unemployment also saw a significant drop to 12.8% in Q2, down from 14.2% in Q1, with women's participation in the workforce surpassing the 30% target for 2030, now standing at 35.4%.

Despite the progress, the overall labour force participation rate among Saudi citizens remains around 50.8%, similar to last year.

The International Monetary Fund (IMF), in its recent report, acknowledged the positive impact of labour market reforms but stressed the need for further efforts to increase participation and address wage gaps.