Saudi Arabia witnesses decline in unemployment rates

WEB DESK: Government data released on Thursday reveals a notable decline in unemployment among Saudi citizens during the fourth quarter of last year.

According to the General Authority for Statistics, the unemployment rate among Saudi nationals decreased to 7.7 per cent, marking a significant drop from 8.6 per cent recorded in the previous quarter and 8 per cent from the same period a year earlier.

The broader perspective on unemployment, encompassing expatriate labor, also demonstrated a positive trend.

The overall unemployment rate, which includes both Saudi citizens and expatriates, decreased to 4.4 per cent in Q4, down from 5.1 per cent in the previous quarter and 4.8 per cent in Q4 of the prior year.

With foreign nationals constituting slightly over 40 per cent of the kingdom’s total population, as indicated by the latest census, the majority of them rely on employment contracts to reside in the country.

Throughout 2023, Saudi Arabia experienced a relatively stable unemployment rate, maintaining around 8 per cent with minor fluctuations.

Addressing the employment landscape, particularly for Saudi citizens, assumes paramount importance as over 60 per cent of them are under the age of 30.

This demographic segment stands as a focal point in achieving the objectives outlined in Crown Prince Mohamed Bin Salman’s Vision 2030 program.

A cornerstone of this ambitious initiative is the diversification of the economy away from oil dependency, with a pivotal focus on job creation for the nation’s youth.

The decline in unemployment rates signifies a step forward in realising the goals set forth by Vision 2030.

However, continued efforts and strategic initiatives remain imperative to sustain this positive trajectory and ensure a prosperous future for the Kingdom’s workforce.