Saudi Unemployment rate of total population decreases to 4.4% in Q4/2023

Based on the estimates of the General Authority for Statistics’ Labor Force Survey, the overall unemployment rate in Saudi Arabia (for Saudis and non-Saudis) reached 4.4% in Q4/2023, decreasing from last quarter by 0.7 percentage points (pp) and from a year ago by 0.4 pp.

The unemployment rate of Saudis reached 7.7% in Q4/2023, decreasing by 0.9 pp compared to Q3/2023 and by 0.3 pp compared to Q4/2022. The Labor force participation rate of Saudis decreased by 0.3 pp to reach 51.3% compared to Q3/2023 and by 1.2 pp compared to a year ago. The employment-to-population ratio of Saudis increased by 0.2 pp to 47.4% compared to Q3/2023, whereas it decreased by 0.9 pp compared to Q4/2022.