Jordan’s Unemployment Rate Rises to 18.6%

FILE PHOTO: A view of a street in Amman, Jordan, October 25, 2017. REUTERS/Mohammed Hamed/File Photo
FILE PHOTO: A view of a street in Amman, Jordan, October 25, 2017. REUTERS/Mohammed Hamed/File Photo
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Jordan’s Unemployment Rate Rises to 18.6%

FILE PHOTO: A view of a street in Amman, Jordan, October 25, 2017. REUTERS/Mohammed Hamed/File Photo
FILE PHOTO: A view of a street in Amman, Jordan, October 25, 2017. REUTERS/Mohammed Hamed/File Photo

The unemployment rate in Jordan for the third quarter of this year has reached 18.6 percent, with an increase of 0.1 percent compared to the same period of 2017, according to a report issued by the Jordanian Statistics Department.
 
The report released on Sunday noted that the unemployment rate among men was 16.3 percent, compared to 27.1 percent among women during the period of the study. This indicates that unemployment among men increased by 0.9 percentage points, while it decline among women by 2.8 percentage points, compared to the third quarter of 2017.

The report also said that unemployment was high among holders of bachelor’s or higher degrees in comparison with other educational levels.

The results indicated that 58.2 percent of unemployed people hold a secondary education certificate or a higher degree.

Among males, who hold an undergraduate degree or higher, the rate of unemployment reached 28.1 percent, while among females it stood at 80.1 percent.

The age group which recorded the highest rate of unemployment was 15-19 years, with a rate of 46.9 percent, followed by 20-24 years, for which the rate stood at 37.7 percent, according to the Jordanian Statistics Department.
 
At the geographic level, Madaba topped Jordan’s governorates in unemployment with a rate of 24.9 percent, while Karak recorded the lowest rate of 13.3 percent.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.