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Saudi Arabia’s overall unemployment rate dropped to 4.4 per cent in the fourth quarter of 2023, marking a decrease of 0.4 percentage points from the same period in 2022.
When compared with the previous three months, the latest report from the General Authority for Statistics revealed a 0.7 percentage point decline in the kingdom’s joblessness rate in the fourth quarter of 2023.
GASTAT data showed that non-employment among Saudi nationals stood at 7.7pc in the fourth quarter of last year, indicating a decrease of 0.3 percentage points compared to the same period in 2022.
However, the participation of locals in the labour force during the last three months of 2023 decreased by 1.2 percentage points year on year, reaching 51.3pc.
Reducing the number of people without jobs is a crucial objective outlined in Saudi Arabia’s Vision 2030, with goals set for such rate to decrease to 7pc by the end of the decade, alongside a projected women’s participation rate in the workforce of 30pc.
In the fourth quarter, the unemployment rate among Saudi females decreased by 2.6 percentage points to 13.7pc compared to the previous three months.
For Saudi males, this remained unchanged at 4.6pc in the fourth quarter, while their labor force participation decreased by 0.2 percentage points to 66.6pc.
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