The Saudi General Authority for Statistics (GATSAT) revealed that the unemployment rate for Saudis in the first quarter of 2024 fell to 7.6%, down from 7.8% in the fourth quarter of 2023.
GATSAT released on Sunday its Labor Market Publication for the first quarter of 2024. It provides insights into the changes in the labor market during the first quarter of the year, following a reassessment of data from the fourth quarter of 2023 based on the Saudi Census 2022.
According to the Publication, the overall unemployment rate, including Saudis and non-Saudis, stood at 3.5% in Q1 2024, compared to 3.4% in Q4 2023.
The unemployment rate for Saudi females in Q1 slightly rose to 14.2%, up from 13.9% in Q4 2023. Meanwhile, the unemployment rate for Saudi males declined to 4.2%, from 4.6% in the fourth quarter of 2023.
Labor Force Participation
The labor market indicators in the Kingdom for the first quarter of 2024 showed an increase in the labor force participation rate for Saudis to reach 51.4%, compared to 50.4% in Q4 2023. Despite this, the overall labor force participation rate for Saudis and non-Saudis fell to 66.0%, from 67.0% in the fourth quarter of 2023.
For Saudi females, the labor force participation rate increased to 35.8% in Q1 2024, up from 35.0% in Q4 2023. Furthermore, labor force participation for Saudi males rose to 66.4%, compared to 65.4% in Q4 2023.
GATSAT Methodology
GASTAT maintains that the Labor Market Publication relies on a household survey conducted by the authority under the category of social statistics. This survey gathers data through a sample representing different regions of the Kingdom.
By completing an electronic questionnaire, the survey provides estimates and indicators related to the labor force of the population aged 15 and above in Saudi Arabia.
This includes estimating the population within and outside the labor force, in addition to calculating important labor market indicators such as the unemployment rate, labor force participation rate, among others.
