Unemployment Rate Falls In Saudi Arabia As GDP Exceeds $1 trillion

September 28, 2023 thehrobserver-hrobserver-neom

Unemployment rate in Saudi Arabia has fallen to 4.9% in Q2 2023, a decrease by 0.9% in comparison to the same period last year, according to new data released by the General Authority for Statistics (GASTAT) on Thursday.

The rate fell to 8.3% in Q1 in comparison to 9.7% during a year period, for Saudi nationals. The unemployment rate fell to 15.7% in Q2, from 19.3% in the previous year, for Saudi women.

According to S&P, Global Saudi Arabia’s labour market reforms have led the country’s female labour force participation rate to nearly double in 2016-2022 to almost 36% in 2022 from 19% in 2016.

In a report by the Federation of Saudi Chambers issues on Friday, the Kingdom said its gross domestic product (GDP) has exceeded the ceiling of $1 trillion (SAR 4.155 trillion) for the first time.

The report said that the private sector’s contributions to GDP increased to $440 billion (SAR 1.634 trillion), with a growth rate of 5.3 percent. Additionally, the number of workers in the private sector has increased from 8.084 million in 2021 to 9.422 million in 2022.

Meanwhile, the Minister of Culture Prince Badr bin Abdullah said that there has been an increase of 20% in the rate of employment support for 160 cultural professions in 286 activities.

“This initiative was introduced, in cooperation between the Ministry of Culture and the Human Resources Development Fund (HADAF) under the Ministry of Human Resources and Social Development, to enhance professional sustainability in the cultural sectors,” he said.

The Ministry of Culture wants to nationalise the sector, supplying it with qualified and trained cadres, achieve job sustainability, and contribute to building an economic system based on the participation of Saudi nationals.

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