Joblessness among Saudis falls to 8% in fourth quarter
Unemployment in Saudi Arabia among citizens fell to 8% in the fourth quarter of 2022, decreasing from 9.9% the previous quarter while the labour force participation rate among Saudis was steady at 52.5%, data released on Thursday showed.
The country's overall employment rate, including non-citizens, fell to 4.8% in Q4 from 5.8% the previous quarter, the General Authority for Statistics said in a statement.
"The decrease in the unemployment rate was driven by employment growth," the statement said.
The overall unemployment rate includes foreign residents of the kingdom, who comprised just over a third of the total population in 2021, the majority of whom need an employment contract to live there.
Job creation, especially for Saudi nationals, over 60% of whom are under the age of 35, is a key part of the ambitious economic agenda known as Vision 2030, spearheaded by de facto ruler Crown Prince Mohammed bin Salman to cut reliance on oil.
Joblessness among Saudis fell 3 percentage points from 11% in the fourth quarter of 2021.
Workforce participation among female citizens - who have seen social freedoms significantly expanded under the crown prince - is also on the rise. Unemployment among Saudi women dropped to 15.4% in Q4 from 20.5% in Q3, though their labour force participation rate fell 1 percentage point to 36%.
Expansion of the non-oil private sector is a key pillar of Vision 2030, with a wide-ranging programme of privatisations and other government-supported initiatives to spur growth.
The latest data showed that 94.1% of unemployed Saudis would accept jobs in the private sector, slightly higher than in Q3. Historically, the public sector has been the principal employer of Saudi citizens.
"The decrease in the unemployment rate was driven by employment growth," the statement said.
The overall unemployment rate includes foreign residents of the kingdom, who comprised just over a third of the total population in 2021, the majority of whom need an employment contract to live there.
Job creation, especially for Saudi nationals, over 60% of whom are under the age of 35, is a key part of the ambitious economic agenda known as Vision 2030, spearheaded by de facto ruler Crown Prince Mohammed bin Salman to cut reliance on oil.
Joblessness among Saudis fell 3 percentage points from 11% in the fourth quarter of 2021.
Workforce participation among female citizens - who have seen social freedoms significantly expanded under the crown prince - is also on the rise. Unemployment among Saudi women dropped to 15.4% in Q4 from 20.5% in Q3, though their labour force participation rate fell 1 percentage point to 36%.
Expansion of the non-oil private sector is a key pillar of Vision 2030, with a wide-ranging programme of privatisations and other government-supported initiatives to spur growth.
The latest data showed that 94.1% of unemployed Saudis would accept jobs in the private sector, slightly higher than in Q3. Historically, the public sector has been the principal employer of Saudi citizens.
