Dubai: Saudi Arabia has reported a significant reduction in the unemployment rate among Saudi women, with figures dropping to 13.7 per cent in the fourth quarter of 2023, marking a decrease of 2.6 per cent from 16.3 per cent in the third quarter.
However, the unemployment rate among Saudi men remained stable at 4.6 per cent during the same period.
These findings were revealed as part of the Labour Market Publication for the fourth quarter of 2023, published by the General Authority for Statistics (GASTAT).
Overall, the unemployment rate across the kingdom (including Saudis and non-Saudis) saw a decrease to 4.4 per cent, down from 5.1 per cent in the third quarter.
Specifically, the unemployment rate for Saudis fell to 7.7 per cent in the fourth quarter from 8.6 per cent in the preceding quarter.
Declined
The labour force participation rate slightly declined in the fourth quarter to 60.4 per cent, from 60.9 per cent in the third quarter.
For Saudis alone, the labour force participation rate saw a minor adjustment to 51.3 per cent in the fourth quarter from 51.6 per cent in the third quarter.
These improvements are attributed to the concerted efforts of the human resources and social development system, leading to a historic decline in the unemployment rate for Saudis to 7.7 per cent in the fourth quarter, a decrease of 0.9 per cent from the previous quarter. Additionally, the overall unemployment rate dipped to 4.4 per cent in the fourth quarter, a reduction of 0.7 per cent from the third quarter.
Throughout 2023, approximately 1.9 million Saudi men and women benefited from the Human Resources Development Fund (HADAF) programs aimed at training, employment, and empowerment, with support expenses exceeding SR8.7 billion.
Saudization initiatives and support for private sector establishments by the human resources and social development system have also played a crucial role, resulting in a record 2,325,814 Saudi employees in the private sector.
