Saudi unemployment rate decreases to 3.3% in Q2/2024

Based on the estimates from the Labor Force Survey conducted by the General Authority for Statistics, the overall unemployment rate (for both Saudis and non-Saudis) reached 3.3% in the second quarter of 2024, marking a decrease of 0.2 percentage points compared to the first quarter of 2024.

It also recorded an annual decline of 0.8 percentage points compared to the second quarter of 2023. The unemployment rate for Saudis was 7.1% in the second quarter of 2024, down by 0.5 percentage points compared to the first quarter of 2024 and showing an annual decrease of 1.4 percentage points compared to the second quarter of 2023.

The results showed a decrease in the participation rate of Saudis in the labour force in the second quarter of 2024 by 0.6 percentage points compared to the first quarter of the same year, reaching 50.8%. However, there was a slight annual increase of 0.1 percentage points compared to the second quarter of 2023. Meanwhile, the employment-to-population ratio for Saudis declined by 0.3 percentage points compared to the first quarter of 2024, standing at 47.2%, while it increased by 0.8 percentage points annually compared to the second quarter of 2023.