Unemployment rates among all residents in Saudi Arabia fell to 4.4% during the fourth quarter of 2023, as revealed by the General Authority for Statistics Thursday.
The authority’s data show that that unemployment rates among the Saudis decreased to 7.7% during the last quarter of 2023, while unemployment rates among all resident in Saudi Arabia reached a record low of 4.4% during the same period.
The General Authority for Statistics issued the labor market bulletin for the fourth quarter of 2023. The bulletin revealed that the total unemployment rate for Saudis and non-Saudis decreased by 0.7% to reach 4.4%, down from 5.1% in the third quarter of 2023.
The unemployment rate for all Saudis fell to 7.7% during the fourth quarter of 2023, down from 8.6% during the third quarter of the same year.
The unemployment rate for Saudi women decreased to 13.7% in the fourth quarter of 2023, compared to 16.3% in the previous quarter, while unemployment rate for Saudi men remained at 4.6% during the fourth quarter of 2023.
Labor force indicators in the fourth quarter of 2023 showed a decrease in the total labor force participation rate (for Saudis and non-Saudis) compared to the third quarter of 2023, reaching 60.4%. The total labor force participation rate for Saudis also decreased in the fourth quarter of 2023, reaching 51.3% compared to the previous quarter.
These employment rates coincide with Saudi Arabia’s Saudization initiative which aims to localize many professions. The Ministry of Human Resources and Social Development has announced the localization (Saudization) of 34.79% of the targeted professions in the employment and maintenance sector
Moreover the increasing participation of Saudi women in the labour market has contributed to improving women’s employment rates in Saudi Arabia. The Deputy Minister of Tourism Haifa bint Mohammed bin Saud bin Khalid, noted that 45% of the employees in the tourism sector are women, out of a total of 952,000 employees in the sector.
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