عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GASTAT: Unemployment Rate in Saudi Arabia Stabilizes Relatively at 3.5% in Q1 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
TT
TT

GASTAT: Unemployment Rate in Saudi Arabia Stabilizes Relatively at 3.5% in Q1 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Saudi unemployment rate in the first quarter of 2024 reached 7.6%, compared to 7.8% in the fourth quarter of 2023, said the General Authority for Statistics (GASTAT) in the Labor Market Bulletin for the first quarter of 2024.

The report provides insights into the changes in the labor market during this period, incorporating the revised data from the fourth quarter of 2023 based on the Saudi Census 2022.

The overall unemployment rate - for Saudis and non-Saudis - has relatively stabilized at 3.5% in the first quarter of 2024, compared to 3.4% in Q4 2023.

In the first quarter of 2024, the unemployment rate for Saudi females rose to 14.2%, up from 13.9% in the previous quarter of 2023 and unemployment for Saudi male workers decreased to 4.2% from 4.6% in the previous quarter of 2023.

The labor force participation rate in Q1 2024 for Saudis increased to 51.4%, compared to 50.4% in the fourth quarter of 2023. However, the labor force participation rate for both Saudis and non-Saudis decreased to 66.0% from 67.0% in the fourth quarter of 2023.

Moreover, the results also showed that the labor force participation rate for Saudi females increased to 35.8% in the first quarter of 2024, up from 35.0% in the previous quarter. Similarly, for Saudi male workers, the labor force participation rate increased to 66.4% from 65.4% in the previous quarter.

According to GASTAT, the results are based on a household survey conducted by the authority, which electronically collects information from a sample representing different regions of the Kingdom.

Data about the working-age population residing in the Kingdom is thus collected and estimates are made by the authority by calculating important labor market indicators, such as unemployment and labor force participation rates, among others.

Most Viewed

 
 
Business

Saudi Arabia’s PMI Remains in Economic Expansion Zone

King Abdullah Financial Center in Saudi Arabia (Asharq Al-Awsat)
King Abdullah Financial Center in Saudi Arabia (Asharq Al-Awsat)
TT
TT

Saudi Arabia’s PMI Remains in Economic Expansion Zone

King Abdullah Financial Center in Saudi Arabia (Asharq Al-Awsat)
King Abdullah Financial Center in Saudi Arabia (Asharq Al-Awsat)

The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) showed the Kingdom's PMI stabilized at 55, as a result of another strong improvement in business activity in the non-oil-producing private sector.
The analytical readings issued by the Ministry of Economy and Planning indicate that the index stayed above the fifty-point limit, remaining in the economic expansion zone.
Riyad Bank said on Wednesday that companies had increased their production levels to support sales and projects, despite additional evidence of declining demand expectations. Growth in new orders fell to its weakest level in nearly two and a half years.
Non-oil producing companies recorded the slowest increase in purchases of production inputs in nearly 3 years, as they are looking to ease recent increases in inventory, while job growth has also declined compared to May.
At the same time, other reports noted that customer discounts affected overall selling prices and ran counter to efforts to pass on the strong increase in input prices to customers.
Naif Al-Ghaith, chief economist at Riyad Bank, said: “The PMI for the non-oil economy recorded at 55.0 in June, marking the slowest pace of expansion since January 2022. The new orders component fell compared to the previous month, suggesting a slight moderation in demand growth.”
He added: “However, the growth in non-oil sectors was supported by a strong increase in output levels. Employment numbers also rose, while suppliers’ delivery times continued to improve.”
In an analytical bulletin, the Saudi Ministry of Economy and Planning explained that the production index recorded 61.1 points, supported by the improvement in commercial activity in the non-oil private sector, and that employment indicators continued to rise, driven by the increase in the number of employees and the stability of supply chains.
The Ministry indicated that the optimistic outlook of business owners and investors continued in light of the improvement in market conditions and the rise in demand for goods and services, which in turn reflects positively on the future outlook for the current year.