Saudi Arabia's Unemployment Rate Remains Steady At 3.5% In First Quarter Of 2024

The General Authority for Statistics (GASTAT) has published the Labor Market Bulletin for Q1 2024 on its website, https://www.stats.gov.sa/en. This bulletin highlights changes in the labour market during this period, incorporating revised data from Q4 2023 based on the Saudi Census 2022.

According to GASTAT, the overall unemployment rate for both Saudis and non-Saudis stabilised at 3.5% in Q1 2024, compared to 3.4% in Q4 2023. The unemployment rate among Saudis alone reached 7.6% in Q1 2024, a slight decrease from 7.8% in the previous quarter.

The unemployment rate for Saudi females increased to 14.2% in Q1 2024, up from 13.9% in Q4 2023. Conversely, the unemployment rate for Saudi males decreased to 4.2%, down from 4.6% in the previous quarter.

The labour force participation rate for Saudis rose to 51.4% in Q1 2024, up from 50.4% in Q4 2023. However, when considering both Saudis and non-Saudis, the participation rate fell to 66.0%, down from 67.0% in the previous quarter.

For Saudi females, the labour force participation rate increased to 35.8% in Q1 2024, compared to 35.0% in Q4 2023. Similarly, for Saudi males, it rose to 66.4%, up from 65.4% in the previous quarter.

Data Collection Methodology

GASTAT's results are derived from a household survey conducted by the authority, which electronically gathers information from a sample representing various regions of Saudi Arabia. This data collection focuses on the working-age population residing within the Kingdom.

The authority uses this data to estimate key labour market indicators such as unemployment and labour force participation rates among other metrics.

The Labour Market Bulletin provides valuable insights into employment trends and workforce dynamics within Saudi Arabia during Q1 of 2024.

With inputs from SPA