Riyadh: The Kingdom of Saudi Arabia’s unemployment rate for Saudis and expatriates dropped in the first quarter of 2023 as a result of improved labour market indicators and more women joining the workforce.
According to the General Authority for Statistics (GASTAT), the total unemployment rate in the country decreased to 5.1 percent in the three months that ended in March, from 6 percent during the same period in 2022.
For Saudi nationals, the rate was 8.5 percent in the first quarter, down from 10.1 percent in the same period last year.
The authority’s data showed that the unemployment rate among Saudi women fell sharply to 16.1 percent from 20.2 percent a year earlier, while it reached 4.6 percent for men, down from 5.1 percent a year ago.
Saudi Arabia is diversifying its economy away from oil through a number of government programs to stimulate business and job creation.
The ambitious Vision 2030 agenda plans to reduce the Saudi unemployment rate to seven percent and boost women’s participation in the workforce.
