Saudi unemployment hits historic low in Q2 2024, approaching vision 2030 target
Saudi Arabia’s jobless rate falls to record 7.1% as labour market strengthens
Dubai: The unemployment rate among Saudis fell to a record low in the second quarter of 2024, reaching 7.1 percent, according to new data released by the General Authority for Statistics (GASTAT).
The figure, nearing the Saudi Vision 2030 target of 7 percent, marks the lowest unemployment level ever recorded in the kingdom’s history.
The latest report highlights a 0.5 percentage point drop from the first quarter of 2024 and a significant annual decline of 1.4 percentage points compared to the same period last year.
In a broader context, the overall unemployment rate among the population — including both Saudis and non-Saudis — also declined, falling to 3.3 percent in the second quarter from 3.5 percent in the first. This decrease of 0.2 percentage points further reflects the strength of Saudi Arabia’s labour market amidst ongoing economic reforms.
Despite the record-low unemployment, GASTAT reported a slight dip in Saudi workforce participation, which fell by 0.6 percentage points from the previous quarter to 50.8 percent. However, compared to the second quarter of 2023, participation showed a marginal increase of 0.1 points.
The employment rate among Saudis stood at 47.2 percent, a decrease of 0.3 percentage points from the first quarter. The data also highlighted a notable rise in Saudi women’s participation in the workforce, reaching 30.8 percent — a 0.1 percentage point increase—indicating the kingdom’s focus on expanding employment opportunities for women.