Skip to content Skip to Search
Skip navigation

Unemployment rate among Saudis climbs to 8.6%

By Pramod Kumar
Employment growth in Saudi Arabia's non-oil private sector eased further after hitting a nine-year record in October Reuters/Ahmed Yosri
Employment growth in Saudi Arabia's non-oil private sector eased further after hitting a nine-year record in October

The unemployment rate among Saudi citizens rose marginally to 8.6 percent in the third quarter of 2023 from 8.3 percent in the previous quarter, according to data from the General Authority for Statistics.

The rate was down from 9.9 percent in the third quarter of 2022.

The overall unemployment rate, including Saudis and non-Saudis, reached 5.1 percent in the quarter ended September 30, 2023, from 4.9 percent in Q2 2023.

Unemployment among Saudis aged 15 to 24 reached 13.6 percent for males and 25.3 percent for females.

Unemployment for Saudis between 24 and 54 rose marginally to 7.9 percent in the third quarter of the current year from 7.5 percent in the previous quarter.

The kingdom’s overall labour market participation rate fell to 51.6 percent in Q3 2023 from 52.5 percent in Q3 2022.

Unemployment for Saudi women increased to 16.3 percent in Q3 2023, up from 15.7 percent in Q2 2023 but lower than 20.5 percent a year ago.

Earlier this month, Saudi Arabia approved its 2024 budget, which forecasts a deficit of SAR79 billion ($21.1 billion), accounting for 1.9 percent of the country’s gross domestic product.

Capital expenditure is forecast at SAR189 billion, or 15 percent of total spending next year. The budget allocated SAR195 billion for education, SAR214 billion for healthcare and social development, as well as SAR269 for defence.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]