RIYADH: According to official figures, Saudi Arabia’s overall unemployment rate decreased by 0.2 percentage points from the previous quarter to 3.3 percent in the second quarter of 2024.
The General Authority for Statistics reports that the jobless rate decreased by 0.8 percentage points during the same period last year.
Saudi citizens’ unemployment rate dropped to 7.1 percent, a 0.5 percentage point quarterly and 1.4 percentage point yearly fall.This decline is in line with the Kingdom’s Vision 2030, which seeks to increase Saudis’ employment prospects and promote economic growth. Long-term socioeconomic development is anticipated to be supported by the labour market indicators’ improvement.
Saudi Arabia introduced Jadarat in June, a single employment marketplace meant to match job searchers with openings in both the public and private sectors. Saudis’ share of the labour force fell by 0.6 percentage points to 50.8 percent in the second quarter, while it increased by 0.1 percentage points from the same time last year.
According to GASTAT, “the employment-to-population ratio for Saudis increased by 0.8 percentage points annually compared to the second quarter of 2023, but declined by 0.3 percentage points compared to the first quarter of 2024, standing at 47.2 percent.
Also Read:
How an AI-powered Platform Bridges linguistic and cultural Divides in Content Production
The Exhibition ‘Echoes of Time’ is an artistic Examination of Saudi Archaeology
