Saudi Unemployment Hits Record Low in Q2 2024, Nearing Vision 2030 Target

The unemployment rate among Saudis has dropped to a record low of 7.1 percent in the second quarter of 2024, according to the General Authority for Statistics (GASTAT). This figure puts the kingdom closer to achieving its Vision 2030 target of 7 percent unemployment.

Quarterly and Annual Decline

The latest data reflects a 0.5 percentage point decrease from the first quarter of 2024. Compared to the same period in 2023, the unemployment rate saw an annual decline of 1.4 percentage points, underscoring the impact of ongoing economic reforms in the country.

Overall Unemployment Among Saudis and Expats

Including both Saudis and expatriates, the overall unemployment rate also saw improvement, dropping to 3.3 percent in Q2 2024, down from 3.5 percent in the previous quarter. This decline highlights the broader strength of the Saudi labor market.

Slight Decrease in Workforce Participation

While the unemployment rate dropped, workforce participation among Saudis saw a slight decline, decreasing by 0.6 percentage points to 50.8 percent from the previous quarter. However, it recorded a 0.1-point increase compared to Q2 2023.

Increase in Saudi Women’s Workforce Participation

A notable highlight from the report is the increase in Saudi women’s participation in the workforce, rising to 30.8 percent, a 0.1 percentage point increase from the previous quarter. This indicates Saudi Arabia’s commitment to empowering women in the labor market.