The unemployment rate among citizens of Saudi Arabia decreased by 0.4 percentage points (pp) to 9.7% in Q2 2022 compared to the previous quarter, according to estimates from the General Authority for Statistics (GASTAT).
The labour force participation rate of Saudis increased by 1.7 pp to 51.8%, and the employment-to-population ratio increased by 1.7 pp to 46.8% compared to the last year, GASTAT said.
The unemployment rate decreased among Saudi men by 0.3 pp to 4.7% in Q2 2022. It is down by 1.4 pp compared to the same quarter last year.
“The decrease in the unemployment rate of Saudi males this quarter coincided with both an expansion of labour market participation and employment growth, where the participation rate went up by 1.5pp to 67.5% and the employment-to-population ratio increased by 1.6 pp reaching to 64.3%,” GASTAT noted.
The unemployment rate among Saudi women was down by 0.9 pp at 19.3% in the second quarter of the year, compared to the previous quarter. It was down by 3 pp compared to the Q2 2021.
Saudi Arabia is likely to be one of the world’s fastest-growing economies this year as sweeping pro-business reforms and a sharp rise in oil prices and production power recovery from a pandemic-induced recession in 2020, the IMF said. Gross domestic product is expected to expand by 7.6%, the fastest growth in almost a decade, according to a recent report from the global fund.