Saudi Arabia celebrates a notable milestone as the unemployment rate among Saudi women witnesses a significant reduction, plummeting to 13.7 percent in the fourth quarter of 2023. This remarkable decline, marking a 2.6 percent drop from 16.3 percent in the previous quarter, underscores the Kingdom's commitment to fostering gender inclusivity and economic empowerment.

Meanwhile, the unemployment rate among Saudi men remained stable at 4.6 percent during the same period, reflecting a balanced labor market landscape.

These promising statistics were unveiled in the Labour Market Publication for the fourth quarter of 2023, published by the General Authority for Statistics (GASTAT), highlighting the Kingdom's proactive approach towards enhancing workforce dynamics.

Overall, the unemployment rate across the Kingdom, encompassing both Saudis and non-Saudis, experienced a notable decrease to 4.4 percent, down from 5.1 percent in the third quarter. Specifically, the unemployment rate for Saudis saw a noteworthy decline to 7.7 percent in the fourth quarter, compared to 8.6 percent in the preceding quarter.

Despite a marginal decline, the labor force participation rate slightly decreased in the fourth quarter to 60.4 percent, from 60.9 percent in the third quarter. Similarly, for Saudis alone, the labor force participation rate witnessed a minor adjustment to 51.3 percent in the fourth quarter from 51.6 percent in the third quarter.

These positive developments can be attributed to the concerted efforts of the human resources and social development system, resulting in a historic decline in the unemployment rate among Saudis. Additionally, the successful implementation of Saudization initiatives and support for private sector establishments have played a pivotal role, culminating in a record 2,325,814 Saudi employees in the private sector.

Throughout 2023, approximately 1.9 million Saudi men and women have benefited from the Human Resources Development Fund (HADAF) programs aimed at training, employment, and empowerment, with support expenses exceeding SR8.7 billion.