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

The overall unemployment rate in Saudi Arabia (for Saudis and non-Saudis) has relatively stabilized at 3.5% in the first quarter of 2024, compared to 3.4% in the fourth quarter of 2023. Saudi unemployment rate in the first quarter of 2024 reached 7.6%, compared to 7.8% in the fourth quarter of 2023. In its Labor Market Bulletin issued Sunday for the first quarter of 2024, which 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 Saudi General Authority for Statistics (GASTAT) said that 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. On the other hand, the unemployment rate 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 p articipation 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. Source: Qatar News Agency