Saudi Unemployment Rate Drops to Historic Low of 7 Percent in Q4 2024
Riyadh, The Gulf Observer: The General Authority for Statistics (GASTAT) announced on Thursday that Saudi Arabia’s unemployment rate among nationals fell to 7 percent in the fourth quarter of 2024, achieving the original Vision 2030 target five years ahead of schedule.
Initially set for 2030, the unemployment reduction goal has now been revised to 5 percent by 2025, reflecting the Kingdom’s accelerated progress in labor market reforms.
According to GASTAT’s latest labor market report, the Saudi unemployment rate declined by 0.8 percentage points compared to Q3 2024 and registered the same decrease year-on-year from Q4 2023. The overall unemployment rate for the total population stood at 3.5 percent, marking a 0.2 percentage point drop from the previous quarter.
Labor force participation for the total population was recorded at 66.4 percent, reflecting a slight decline both quarter-on-quarter and year-on-year. Among Saudis, the participation rate stood at 51.1 percent, decreasing by 0.4 percentage points from the previous quarter but rising 0.7 percentage points year-on-year.
The Saudi employed-to-population ratio edged up to 47.5 percent, reflecting a 0.1 percentage point increase quarter-on-quarter and a one percentage point rise from Q4 2023.
The report also highlighted a 1.7 percentage point drop in the unemployment rate among Saudi women, which stood at 11.9 percent in Q4 2024. Meanwhile, the female labor force participation rate declined slightly to 36 percent, though the female employed-to-population ratio increased by 0.5 percentage points to 31.8 percent.
Among Saudi men, the labor force participation rate dropped to 66.2 percent, while the employed-to-population ratio fell to 63.4 percent. However, male unemployment decreased to 4.3 percent in Q4 2024.
The latest figures underscore Saudi Arabia’s continued efforts to enhance employment opportunities, empower the workforce, and drive economic diversification in line with Vision 2030.
