RIYADH — The unemployment rate for all Saudis continued its downward trend after recording a drop to 7.6 percent in the first quarter of 2024 compared to 7.8 percent during the fourth quarter of 2023. This rate became close to more than the Vision 2030 target, which has been set at seven percent, according to the Labor Market Bulletin for the first quarter of 2024, released on Sunday, by the Saudi General Authority for Statistics (GASTAT). The bulletin explained the changes in the labor market for the first quarter of 2024, after re-estimating the results of the fourth quarter of 2023 using the country's census data for the year 2022. The bulletin noted that the unemployment rate recorded a slight increase for Saudi women in the first quarter of 2024, reaching 14.2 percent compared to 13.9 percent in the previous quarter while the unemployment rate for Saudi males decreased in the first quarter of 2024 to 4.2 percent compared to 4.6. percent in the previous quarter. The GASTAT confirmed that the overall unemployment rate for Saudis and non-Saudis was relatively stable at 3.5 percent, marking a slight increase compared to 3.4 percent in the fourth quarter of 2023. The labor force indicators in the first quarter of 2024 showed an increase in the labor force participation rate for the total number of Saudis for the first quarter of 2024, reaching 51.4 percent compared to 50.4 percent in the previous quarter. However, the overall labor force participation rate for Saudis and non-Saudis decreased, reaching 66 percent from 67 percent in the fourth quarter of 2023. The results of the labor market bulletin for the first quarter of 2024 reported an increase in the labor force participation rate for Saudi women, reaching 35.8 percent compared to 35 percent in the previous quarter. The labor force participation rate for Saudi men increased in the first quarter of 2024, reaching 66.4 percent compared to 65.4 percent in the previous quarter. The GASTAT indicated that the Labor Market Bulletin relies in its results on a household survey conducted by the authority that falls under the classification of social statistics, in which information is collected through a representative sample of families from various administrative regions in the Kingdom, and by completing an electronic form that contains a number of questions.
