Saudi Arabia’s unemployment rate declined 0.2 percentage points quarterly to 3.5 percent in the fourth quarter of 2024 and marked a yearly increase of 0.1 percentage points compared to the fourth quarter of 2023.
According to the latest data from the General Authority for Statistics (GASTAT), the overall labor force participation rate reached 66.4 percent, showing a quarterly decrease of 0.2 percentage points and a yearly decrease of 0.6 percentage points compared to the fourth quarter of 2023.
Saudi nationals’ unemployment rate falls 0.8 percent
The report also revealed that the unemployment rate for Saudi nationals dropped to 7 percent in Q4 2024, compared to 7.8 percent in the same period of 2023. The unemployment rate for the total male population stood at 2 percent, while the rate for females was 10.4 percent.
Notably, Saudi women’s labor force participation rate increased to 36 percent compared to the same period in 2023. The statistics also indicated that the unemployment rate for Saudi males was 4.3 percent, while the rate for Saudi females decreased to 11.9 percent in Q4 2024, down from 13.6 percent in the previous quarter of the same year.
A notable decline in Saudi nationals’ unemployment rate aligns with the targets of Vision 2030, which seeks to create an environment that fosters job creation for all Saudis by leveraging the Kingdom’s unique location and potential, attracting top talent and increasing global investment.
Unemployment among Saudi youth dips
In the fourth quarter of 2024, Saudi female youth aged 15 to 24 years experienced a 0.3 percentage point increase in the employment-to-population ratio, reaching 13.9 percent. Additionally, there was a 0.7 percentage point decrease in the participation rate, reaching 17.3 percent. However, their unemployment rate decreased by 4.6 percentage points, reaching 19.9 percent compared to the previous quarter of 2024.
On the other hand, the employment-to-population ratio for Saudi male youth remained unchanged at 29.7 percent and recorded a 0.8 percentage point decrease in the labor force participation rate, reaching 33.8 percent. Their unemployment rate decreased by 1.8 percentage points, reaching 12.2 percent compared to the previous quarter of 2024.
For Saudis aged 55 years and above, the report indicated a decrease in their unemployment rate and the labor force participation rate compared to the previous quarter of 2024.
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Active job search methods
The report also revealed that Saudi job seekers use a variety of active job search methods, with an average of 5 active methods per job seeker. The method of asking friends or relatives about job opportunities was the most commonly used job search method, recording 86.9 percent, followed by directly applying to employers by 73.9 percent, and the use of the national unified employment platform (Jadarat) by 65.4 percent.
The results also showed that 94.1 percent of unemployed Saudis are willing to accept job offers in the private sector. Additionally, 61.9 percent of unemployed Saudi females and 45.2 percent of unemployed Saudi males are willing to commute to work for at least one hour. Furthermore, 77.5Â percent of unemployed Saudi females and 90.7 percent of unemployed Saudi males indicated that they are willing to work for eight hours or more per day.
