Unemployment rate in Saudi Arabia slightly rises to 9.9 percent in Q3: GASTAT
- Date: 29-Dec-2022
- Source: Al Arabiya
- Sector:Economy
- Country:Saudi Arabia
Unemployment rate in Saudi Arabia slightly rises to 9.9 percent in Q3: GASTAT
The unemployment rate in Saudi Arabia slightly rose to 9.9 percent in the third quarter of 2022 from 9.7 percent in the second quarter, the General Authority of Statistics (GASTAT) announced on Thursday.
The rise, however, was still a significant decline from last year’s Q3 unemployment rate which tallied at 11.3 percent at the time.
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The unemployment rate of the total population of Saudi Arabia also remained unchanged at 5.8 percent in Q3 of 2022.
Labor force participation among female Saudi citizens between the ages of 15 and 24 was also on the rise, the data showed. The rate rose from 48 percent in Q2 to 50.1 in Q3.
The labor force participation rate of Saudi citizens in general increased by 0.7 percent to a total of 52.5 percent, according to GASTAT. The employment-to-population ratio of Saudi citizens also rose to 47.5 percent.
According to GASTAT, 93.3 percent of unemployed Saudi citizens said they would accept employment in the private sector. The Kingdom has in the past seen its citizens prefer public sector jobs, but recent developments in non-oil sector jobs have provided more employment options to youth in the country.
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Saudi Arabia's oil company 'Aramco' has earned a record profit of $ 161 billion last year. This is the biggest benefit received by a company after a year of increase in the prices of gas and oil. This increase of Saudi Arabia's National Gas Company is 46.5 percent more profit
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