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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)
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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.

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Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
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Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid

Elon ‌Musk said on Sunday that his rocket company, SpaceX, could bring in $1 trillion in revenue by 2030, making the statement two days after the company went public, valuing it at over $2 trillion.

"And I would be surprised if revenue ‌is not greater ‌than $1T in 2031," he ‌wrote ⁠on his social ⁠media platform X, replying to journalist and financial commentator Jon Erlichman.

SpaceX on Friday became the sixth-largest US firm, cementing Musk's status as the ⁠world's first trillionaire.

However, the ‌company ‌still makes far less money than similarly ‌valued tech giants like ‌Broadcom and Amazon.com.

In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the ‌company swung to a net loss of $4.94 billion from ⁠a ⁠profit of $791 million.

Some Wall Street analysts are cautious about the company's growth.

Goldman had estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion, according to a Wall Street Journal report from earlier this month.

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Fitch Affirms China's Credit Rating at 'A'

A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
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Fitch Affirms China's Credit Rating at 'A'

A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)

Global ratings agency Fitch on Monday affirmed China's long-term sovereign rating at "A" with a stable outlook, citing its large and diversified ‌economy, which supports ‌prospects for solid ‌GDP ⁠growth and the ⁠country's important role in global trade.

China, which faced high US tariff uncertainty last year, should see some relaxation after US President ⁠Donald Trump's visit, Fitch said, ‌even ‌as it warned of weak ‌household confidence weighing on goods ‌consumption.

Data from last month showed China's official manufacturing purchasing managers' index dropping to 50 from ‌50.3 in April, its lowest reading in three months ⁠as ⁠demand weakened. A level below 50 typically signals contraction.

"The energy price shock may pose a challenge, but large crude oil inventories, substantial refining capacity and diversified energy sources should cushion risks," the ratings agency said.

Business

Saudi Arabia's Inflation Edges Up to 1.8% in May

People shopping in a market in Saudi Arabia (SPA)
People shopping in a market in Saudi Arabia (SPA)
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Saudi Arabia's Inflation Edges Up to 1.8% in May

People shopping in a market in Saudi Arabia (SPA)
People shopping in a market in Saudi Arabia (SPA)

Saudi Arabia’s consumer price index (CPI) rose 1.8% year-on-year in May 2026, compared with the same month a year earlier, according to official data released on Sunday.

The General Authority for Statistics said the annual increase was driven mainly by a 3.7% rise in housing, water, electricity, gas and other fuels costs, supported by a 4.7% increase in actual housing rents.

Higher prices in several other categories also contributed to the increase. Restaurant and hotel prices rose 1.7%, while transport costs increased 1.5%.

Prices in the personal care and miscellaneous goods and services category climbed 5.6%, largely due to a 20.0% jump in jewelry and watches prices.

The overall rise in inflation was partly offset by a 0.5% annual decline in furniture and household equipment prices, the statistics authority said.

Slight Monthly Price Changes

On a monthly basis, Saudi Arabia’s consumer price index edged up 0.2% in May from April. The increase was driven primarily by a 0.6% rise in transport prices, largely due to a 1.9% increase in passenger transport services.

Food and beverage prices rose 0.1% month-on-month, while housing and water costs increased 0.2%.

Meanwhile, prices in the personal care and miscellaneous goods and services category fell 0.2%, as did furniture and household equipment prices. Clothing and footwear prices also declined 0.1% from the previous month.

Housing and Transport Lead Inflation Drivers

The housing, water, electricity, gas and other fuels remained the largest contributor to annual inflation in May, accounting for 0.7 percentage points.

The personal care and miscellaneous goods and services category was the second-largest contributor, adding 0.3 percentage points to the annual inflation rate.

Transport and food and beverages each contributed 0.2 percentage points, while the remaining 0.3 percentage points came from other components of the consumer basket, according to the authority.