Share

Private sector employment in Saudi Arabia sees record growth in Q4 2023, surpassing 11.2 million employees

The unemployment rate among Saudis reached its lowest level of 7.7 percent in the last quarter of 2023
Private sector employment in Saudi Arabia sees record growth in Q4 2023, surpassing 11.2 million employees
The increase in the number of Saudi nationals joining the workforce is noteworthy.

The employment market in Saudi Arabia’s private sector has incorporated for the first time over 11.2 million employees. Out of this total, 8.8 million employees are expatriates, while 2.3 million are Saudi nationals, a new report suggests.

Read more: 45 percent of tourism sector employees in Saudi Arabia are women, says vice tourism minister

According to the statistical figures released by the National Labor Observatory, the increase in the number of Saudi nationals joining the workforce is noteworthy, especially considering that the unemployment rate among Saudis reached its lowest level of 7.7 percent in the last quarter of 2023.

This brings the country closer to its unemployment target of 7 percent set under Vision 2030. The positive trend can be attributed to the growing participation of female workers in the job market and the government’s initiatives to create more employment opportunities for Saudi Arabia’s nationals.

Data highlighted that a total of 28.1 thousand citizens joined the private sector labor force in March, marking their first-time entry into the sector. Among the employees in the private sector, approximately 9.9 million are males, while around 1.3 million are females, as reported by the Observatory.

For more news on the economy, click here.

Related Topics:
Disclaimer: The content of this article is intended for informational purposes only.It does not constitute advice on tax and legal matters; neither are they financial or investment recommendations. Refer to our full disclaimer policy here.