Saudi Unemployment Reaches Record Low of 7.7% in 2023: Female Workforce Expansion Drives Decrease
The unemployment rate among Saudis reached a record low of 7.7 percent by the end of 2023, a decrease of 0.9 percent from the previous quarter and 0.3 percent from the last quarter of 2022.
The decline is largely due to an increase in the number of female workers, driven by growth in non-oil industries, which have created more job opportunities.
Saudi Arabia aims to reduce its unemployment rate to 7% by 2030.
According to GASTAT data, the percentage of Saudi female workers in the population increased by 0.6 points to 30.7%, but their labor force participation rate decreased by 0.4 points to 35.5%.
Unemployment rate for Saudi women dropped by 2.6 points to 13.7%.
For men, the employment-to-population ratio and labor force participation rate both decreased by 0.2 points, reaching 63.5%.