The unemployment rate in Saudi Arabia fell in the fourth quarter of last year to 8 percent compared to 9.9 percent in the third quarter of the same year, according to data from the General Authority for Statistics.
The continuous decline in the unemployment rate in Saudi comes in light of the rise in oil prices, the continued recovery of the Kingdom’s economy from the repercussions of the Corona pandemic, and the intensification of the Saudi government’s efforts to provide job opportunities through a series of programs and initiatives aimed at attracting citizens to the labor market.
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“Based on the estimates of the labor force survey of the General Authority for Statistics, the overall unemployment rate in Saudi (for Saudis and non-Saudis) reached 4.8 percent in the fourth quarter of 2022, down from the third quarter of 2022 by 1 percentage points, and down by 2.1 percentage points compared to the fourth quarter of last year,” the authority said in a statement.
“The unemployment rate for Saudis reached 8 percent in the fourth quarter of 2022, a decrease of 1.9 percentage points compared to the third quarter of 2022. The Saudi employment-to-population ratio increased by 1.0 percentage points to 3.48 percent compared to the previous quarter. The labor force participation rate for Saudis stood at 52.5 percent. In terms of annual changes in key labor market indicators for Saudis, the unemployment rate decreased by 3 percentage points. The labor force participation rate increased by 1.0 percentage points, as did the employment-to-population ratio by 2.5 percentage points.”
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