Saudi Arabias Unemployment Rate Hits 3.7%: GASTAT

RIYADH: Saudi Arabia’s unemployment rate dropped to 3.7 percent in the third quarter of 2024, down 0.5 percentage points from last year, official data showed. 

According to data released by the General Authority for Statistics, labor force participation across Saudis and non-Saudis reached 66.6 percent during the third quarter, reflecting a year-on-year increase of 0.2 percentage points and a quarterly rise of 0.4 percentage points. 

The unemployment rate increased by 0.4 percentage points compared to the second quarter of this year. 

Saudi Arabia’s improving job market aligns with Vision 2030, the Kingdom’s blueprint for creating job opportunities for Saudis and driving economic growth. Strengthening the labor market is key to the Kingdom’s long-term socio-economic strategy. 

Joblessness among Saudi nationals rose slightly to 7.8 percent in the third quarter, up 0.7 percentage points from the previous quarter but down 1 percentage point compared to the same period in 2023.

The labor force participation rate for Saudis rose by 0.7 percentage points quarter on quarter to 51.5 percent. 

“The employment-to-population ratio for Saudis also increased by 0.2 percentage points compared to the second quarter of 2024, reaching 47.4 percent, and increased by 1.1 percentage points compared to the third quarter of 2023,” said GASTAT. 

To address unemployment, Saudi Arabia launched Jadarat, a unified employment platform, in June to connect job seekers with opportunities in both the public and private sectors. 

The participation rate for Saudi females reached 36.2 percent in the third quarter, an increase of 0.8 percentage points compared to the second quarter. 

“The employment-to-population ratio of Saudi females increased by 0.5 percentage points reaching 31.3 percent. Meanwhile, the unemployment rate of Saudi females increased by 0.8 percentage points recording 13.6 percent, compared to the previous quarter of 2024,” said GASTAT. 

Among Saudi men, labor force participation climbed to 66.9 percent, up 0.6 percentage points quarter on quarter, while their unemployment rate increased by 0.7 percentage points to 4.7 percent. 

GASTAT’s data highlighted that 95.6 percent of unemployed Saudis are open to working in the private sector. Of these, 77.5 percent of women and 91.1 percent of men are willing to work at least eight hours a day. 

Additionally, 60.9 percent of unemployed Saudi women and 44 percent of unemployed Saudi men are willing to commute at least one hour to their workplace.