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Saudi Arabiaโ€™s unemployment rate declines to 4.4 percent in Q4 2023

The unemployment rate among women saw a 2.6 percent decline
Saudi Arabiaโ€™s unemployment rate declines to 4.4 percent in Q4 2023
Saudi Arabia's core working-age population witnessed a decline of 1.1 percent in the unemployment rate

Saudi Arabiaโ€™s unemployment rate declined 0.7 percent to 4.4 percent in the fourth quarter of 2023 compared to the year-ago period. In its latest report, the General Authority for Statistics revealed that the unemployment rate among Saudi nationals saw a 0.9 percent quarterly decrease and a 0.3 percent annual decrease to 7.7 percent in Q4 of 2023.

The participation of Saudi nationals in the labor force saw a 0.3 percent decline to 51.3 percent. Meanwhile, the employment-to-population ratio of Saudis saw a 0.2 percent increase to 47.4 percent.

Female unemployment rate declines

The employment-to-population ratio among Saudi females saw a 0.6 percent increase to 30.7 percent. However, their participation in the labor market declined by 2.6 percent to 13.7 percent in Q4 of 2023 compared to Q3 of 2023. Saudi femalesโ€™ unemployment rate declined by 2.6 percent to 13.7 percent in Q4 of 2023 compared to the third quarter of the year.

Meanwhile, the employment-to-population ratio for Saudi males saw a 0.2 percent decline to 63.5 percent. Additionally, their labor force participation also saw a 0.2 percent decline to 66.6 percent. Saudi malesโ€™ unemployment rate remained unchanged at 4.6 percent compared to Q3 of 2023.

Read: Saudi Arabiaโ€™s greenfield FDI inflows surge over two-fold to $28.78 billion

Saudi core working age

In the fourth quarter of 2023, Saudi female youthโ€™s (15-24 years) unemployment rate decreased by 2.6 percent to 22.7 percent compared to Q3 of 2023. Meanwhile, Saudi male youthโ€™s unemployment rate saw a 0.2 percent increase to 13.8 percent compared to Q3 of 2023.

Among Saudi Arabiaโ€™s core working-age population (25-54 years), the fourth quarter of 2023 saw an increase in the employment-to-population ratio by 0.4 percent to 63.2 percent. Meanwhile, their labor force participation rate saw a 0.4 percent decline to 67.8 percent. Notably, Saudi Arabiaโ€™s core working-age population witnessed a decline of 1.1 percent in the unemployment rate to 6.8 percent.

For Saudis aged 55+, the report revealed an increase in both the employment-to-population ratio and labor force participation. Meanwhile, the unemployment rate remained stable compared to the previous quarter of 2023.

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