Riyadh, March 28, 2024, The General Authority for Statistics (GASTAT) has released its Labor Market Statistics for the fourth quarter of 2023, indicating positive trends in Saudi Arabia's employment landscape.
According to the report issued today, the overall unemployment rate in Saudi Arabia, encompassing both Saudis and non-Saudis, has decreased by 0.7 percentage points (pp) from the previous quarter, reaching 4.4%.
Specifically focusing on Saudi nationals, the unemployment rate among Saudis dropped to 7.7% in Q4/2023, marking a decline of 0.9 pp compared to Q3/2023. Additionally, the Saudi labor force saw a slight decrease of 0.3 pp from Q3/2023, reaching 51.3%, while the employment-to-population ratio among Saudis increased by 0.2 pp to reach 47.4%.
Among Saudi women, the employment-to-population ratio showed a notable increase of 0.6 pp, reaching 30.7%. However, the participation rate experienced a slight decrease of 0.4 pp, standing at 35.5%, and the unemployment rate saw a significant decrease of 2.6 pp, reaching 13.7% compared to the previous quarter of 2023.
On the other hand, among Saudi men, both the employment-to-population ratio and the labor force participation rate decreased by 0.2 pp, reaching 63.5% and 66.6%, respectively.
The data presented by GASTAT is gathered through a household survey conducted by the authority, which collects electronic information from a representative sample spanning different regions of the Kingdom. This comprehensive approach enables GASTAT to compile data about the working-age population residing in Saudi Arabia and derive estimates for key labor market indicators, including unemployment rates and labor force participation rates, among others.
These statistics reflect a positive trajectory in Saudi Arabia's labor market, with improvements seen in various aspects such as unemployment rates and employment-to-population ratios, particularly among Saudi nationals. Such insights are crucial for policymakers and stakeholders in assessing the overall health and dynamics of the country's workforce.
