Saudi Unemployment Drops To Historic Low Of 7.7% - GASTAT Report
Category: Saudi Arabia

In a significant milestone, Saudi Arabia witnesses a remarkable decline in unemployment, reaching an unprecedented low of 7.7% by the close of 2023. This notable achievement reflects a 0.9% decrease compared to the preceding quarter, marking a steady improvement in the employment landscape. The latest findings from the Saudi General Authority for Statistics (GASTAT) reveal a promising trend towards economic stability and job growth within the Kingdom.

1. Female Workforce Surge: The surge in female workforce participation emerges as a key driver behind the notable reduction in unemployment. Increased opportunities in non-oil sectors have encouraged more Saudi women to enter the workforce, contributing significantly to job creation.

2. Government Targets: Saudi Arabia's commitment to addressing unemployment is evident in its ambitious goal of achieving a 7% unemployment rate by 2030. The current decline underscores the nation's progress towards fulfilling this objective and fostering a thriving job market.

3. Female Labor Dynamics: While the ratio of Saudi female workers to the population has seen a commendable rise, the labor force participation rate has experienced a slight decline. However, efforts to enhance female employment opportunities have resulted in a significant drop in the unemployment rate among Saudi women.

4. Male Employment Trends: Despite the overall decline in unemployment, there has been a marginal decrease in the employment-to-population ratio and labor force participation rate among Saudi males. This aspect warrants attention to ensure equitable opportunities for all segments of the population.

29 Mar, 2024 0 215
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