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GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023

GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023
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GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023

GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023

Estimates of the Labor Force Survey issued in the Labor Market Statistics report by the General Authority for Statistics (GASTAT) showed a 4.9% decrease in the overall unemployment rate in Saudi Arabia (for Saudis and non-Saudis) in Q2/2023 over Q1/2023, SPA reported.
The report showed an 8.3% decrease in the unemployment rate for Saudis in Q2/2023 compared to 8.5% in Q1/2023; unemployment rate among Saudi women decreased to 15.7% compared to 16.1% in Q1/2023, while it remains unchanged at 4.6% among Saudi men.
According to the report, the overall labor force participation rate in Saudi Arabia (for Saudis and non-Saudis) decreased to 60.8% in Q2/2023 over Q1/2023.
The report showed a 51.7% decrease in the Saudi labor force participation rate in Q2/2023 over Q1/2023; participation rate among Saudi women decreased to 35.3% compared to last quarter, and participation rate among Saudi men decreased to 67.5% compared to 68.3% in Q1/2023.

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Saudi Economy Minister: Stability in Middle East Is Imperative for Global Growth

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
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Saudi Economy Minister: Stability in Middle East Is Imperative for Global Growth

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim stressed on Monday that the Kingdom is looking forward to working with the second Trump administration, as Riyadh has worked with previous ones.

“We look forward to working with the second Trump administration... to address and counter some of the global challenges we’re facing, including the tepid economic growth that we are witnessing as a global community today,” he said from the World Economic Forum (WEF) in Davos.

The minister then noted that any step towards peace in the Middle East is a positive one, with stability in the region “imperative” for global growth.

In an interview with Bloomberg television, Alibrahim said the Kingdom and the US have long-standing strong relations that have spanned eight decades. “It has been strong regardless of which administration was in office,” he underscored.

“We are here today to work together for global prosperity,” he said, adding that, “any step towards peace is a positive progress step. We in the Kingdom have always called for laying a clear and universal path towards more peace, more stability.”

Also, Alibrahim said the Kingdom is always focusing on fostering more global dialogue.

“We’ve been invited to the BRICS, similar to how we’ve been invited to many other multilateral platforms in the past historically,” he said. “We assess many different aspects of it before a decision is made and right now, we are in the middle of that.”

He added that Vision 2030 is Saudi Arabia’s program to a long-term restructure of the economy. “Vision 2030 is on track and moving with a lot of momentum,” the minister stressed.

The Kingdom’s focus-areas is building more human capital potential and having human-led growth, he noted.