Riyadh: The General Authority for Statistics (GASTAT) released today the Labor Market Bulletin for the first quarter of 2024 on its official website, https://www.stats.gov.sa/en. The bulletin provides insights into the changes in the labor market during this period, incorporating the revised data from the fourth quarter of 2023 based on the Saudi Census 2022.
According to GASTAT, the overall unemployment rate (for Saudis and non-Saudis) has relatively stabilized at 3.5% in the first quarter of 2024, compared to 3.4% in Q4 2023. Saudi unemployment rate in the first quarter of 2024 reached 7.6%, compared to 7.8% in the fourth quarter of 2023.
In the first quarter of 2024, the unemployment rate for Saudi females rose to 14.2%, up from 13.9% in the previous quarter of 2023. On the other hand, the unemployment rate for Saudi male workers decreased to 4.2% from 4.6% in the previous quarter of 2023.
The labor force participation rate in Q1 2024 for Saudis increased to 51.4%, compared to 50.4% in the fourth quarte
r of 2023. However, the labor force participation rate for both Saudis and non-Saudis decreased to 66.0% from 67.0% in the fourth quarter of 2023.
Moreover, the results also showed that the labor force participation rate for Saudi females increased to 35.8% in the first quarter of 2024, up from 35.0% in the previous quarter. Similarly, for Saudi male workers, the labor force participation rate increased to 66.4% from 65.4% in the previous quarter.
According to GASTAT, the results are based on a household survey conducted by the authority, which electronically collects information from a sample representing different regions of the Kingdom.
Data about the working-age population residing in the Kingdom is thus collected and estimates are made by the authority by calculating important labor market indicators, such as unemployment and labor force participation rates, among others.
Source: Saudi Press Agency