Riyadh: The Kingdom of Saudi Arabia (KSA) ranked first in the labour force growth rate, outperforming the G20 countries, during the period between 2012 and the end of 2021, according to the labour market benchmarking report issued by the National Labor Observatory (NLO), the Saudi Press Agency (SPA) reported.
The report follows up the international indicators issued by the International Labor Organization (ILO) data, and a group of the main labour indicators for the Kingdom, which include the annual growth of the labour force, the labour force participation, employment, unemployment rates, and the rate of those outside the scope of education, work and training.
The National Labor Observatory aims to contribute to supporting decision-making and program development, through accurate data, indicators, reports and studies, and evidence-based decisions that reflect the reality of the labour market.
An analysis of indicators issued by the G20 countries and the International Monetary Fund showed that the Saudi economy recovered from the repercussions of COVID-19 at a faster rate than the major economies in the world thanks to the implementation of plans to diversify the economy.
The Kingdom recorded the second best economic performance among the G20 countries during the third quarter of 2021, with a growth of 5.7 per cent on a quarterly basis, and on a quarterly basis, it came second after India, whose economy grew by 12.7 per cent during the third quarter.
The ranking in terms of economic growth was as follows— India 12.7 per cent, Saudi Arabia 5.7 per cent, Argentina 4.1 per cent, France 3 per cent, and Turkey 2.7 per cent.
Unemployment rate
According to the latest announced statistics, Saudi Arabia recorded a decrease in the unemployment rate for Saudis to 9.7 percent in the second quarter of 2022, a decrease of 0.4 percentage points, compared to the first quarter of this year 2022.
Finally, the unemployment rate recorded for Saudis is the lowest since 2001, when it reached 8.3 per cent at the time, coinciding with economic participation, which is one of the highest rates of participation of Saudi women in the labour market, reaching 35.6 per cent in the second quarter of 2021, compared to 33.6 percent in the first quarter.
For years, Saudi Arabia has sought to increase the efficiency and productivity of the labour market, reduce dependence on expatriate workers, and raise job localization rates as part of its strategy to eliminate unemployment and develop its economy.
