RIYADH: Unemployment among Saudi citizens decreased to 7.7% in the fourth quarter of last year, down from 8.6% in the previous quarter, and from 8% in the same period a year earlier, according to government data released Thursday.
The overall rate of unemployment, which includes expat labor, fell to 4.4% in Q4, down from 5.1% in previous quarter and 4.8% in Q4 the prior year, said the General Authority for Statistics.
Foreign nationals comprise just over 40% of the kingdom’s total population according to the latest census, the majority of whom need an employment contract to live in the country.
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Saudi unemployment remained relatively steady in 2023, hovering around 8% with slight variations.
Job creation for Saudi nationals, over 60% of whom are under the age of 30, is a one of the goals of de-facto ruler Crown Prince Mohamed Bin Salman’s Vision 2030 program, which aims to wean the country off oil dependency.
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