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Unemployment rate among Saudis records historically low level at 7.1%
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The drop in unemployment rate among Saudis to record levels reflects the success of nationalization policies and economic diversification, bringing the Kingdom closer to achieving Vision 2030 goals ah
Recent data released by the General Authority for Statistics in Saudi Arabia revealed positive developments in the country's economic landscape during the second quarter of 2024.
A notable increase of 23% was recorded in net foreign direct investment inflows compared to the first quarter, reaching 11.7 billion riyals. Despite this quarterly increase, this value represents an 8% decrease compared to the same period last year.
The total foreign direct investment inflows into the Saudi economy amounted to about 19.44 billion riyals during the second quarter, reflecting the continued attractiveness of the Saudi market to foreign investors.
In a related context, the data showed a significant improvement in the Saudi labor market. The unemployment rate among Saudi citizens dropped to a historic low of 7.1% in the second quarter, down from 7.6% in the first quarter, bringing the Kingdom closer to achieving the "Saudi Vision 2030" goal of reducing the unemployment rate to 7%.
On an annual basis, the unemployment rate decreased by 1.4 percentage points compared to the second quarter of 2023, indicating a continuous improvement in the job market.
However, a slight decrease was recorded in the Saudi labor force participation rate during the second quarter, reaching 50.8%, a decrease of 0.6% compared to the first quarter. Nevertheless, this rate is still 0.1 point higher compared to the second quarter of 2023.
In another positive sign, the overall unemployment rate for Saudis and non-Saudis fell to a historic low of 3.3% in the second quarter, down from 3.5% in the first quarter.
Despite these positive developments, a slight decrease was recorded in the percentage of employed Saudis to the total population, reaching 47.2%, a decrease of 0.3 points compared to the first quarter of 2024.
These indicators reflect the tangible progress Saudi Arabia is making towards achieving Vision 2030 goals, while challenges persist in some areas that require more efforts to enhance economic participation and diversify income sources.
Levant-Agencies
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