Saudi Arabia’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 females’ 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 males’ unemployment rate remained unchanged at 4.6 percent compared to Q3 of 2023.
Read: Saudi Arabia’s greenfield FDI inflows surge over two-fold to $28.78 billion
Saudi core working age
In the fourth quarter of 2023, Saudi female youth’s (15-24 years) unemployment rate decreased by 2.6 percent to 22.7 percent compared to Q3 of 2023. Meanwhile, Saudi male youth’s unemployment rate saw a 0.2 percent increase to 13.8 percent compared to Q3 of 2023.
Among Saudi Arabia’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 Arabia’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.
For more news on the economy, click here.
