The unemployment rate in the country has decreased significantly in the last few years. But according to the estimate up to the end of the third quarter of this year, the unemployment rate has increased slightly.
Compared to the second quarter of this year, unemployment has increased in the third quarter, but compared to the same period last year, unemployment has decreased. The country’s overall unemployment rate, including Saudi nationals and foreigners, fell to 5.1 percent in the third quarter. It was 5.8 percent during the same period last year.
Unemployment among Saudi citizens rose to 8.6 percent in the third quarter. It was 8.3 percent in the previous quarter. At the same time, it is lower than the 9.9 percent recorded during the same period a year ago, according to the latest report.
Increasing Saudi women entering the workforce is helping to reduce the unemployment rate. Unemployment among Saudi women fell to 13.7 percent in the third quarter of this year. It was 16.6 percent in the third quarter of last year.
Unemployment among natives aged 15-24 remains at 13.6 percent and among females at 25.3 percent. Total youth unemployment rose to 17.4 percent from 17 percent in the previous quarter. Unemployment among citizens between the ages of 24 and 54 is 7.9 percent. This is a slight increase compared to 7.5 percent in the previous quarter.
The overall labor market participation rate for Saudi citizens fell to 51.6 percent from 51.7 percent in the second quarter. Unemployment among Saudi women rose to 16.3 percent from 15.7 percent in the second quarter. But there is a good improvement compared to the previous year. Unemployment was 20.5 percent at the same time last year.
Saudi Arabia’s economy shrank 4.5% in the third quarter due to cuts in oil production. Saudi Arabia is diversifying its economy to end its dependence on oil. More than 60 percent of Saudi citizens are under the age of 30. Creating employment opportunities for them is one of the main objectives of Vision 2030. Many new projects have been launched to increase employment in the country by strengthening sectors like tourism and commerce.