WorldMoney & BusinessSaudi Arabia

Saudi unemployment rate falls to lowest as economy surges

Saudi Arabia’s citizen unemployment rate fell to the lowest since 2008 as economic growth surged on the back of higher oil revenue.

Joblessness was at 10.1 percent in the first quarter, down from 11 percent in the final three months of last year. The rate reached 5.1 percent for male citizens and 20.2 percent for female citizens.

The economy of the world’s largest crude exporter grew nearly 10 percent in the first quarter, buoyed by higher oil prices and production. The non-oil economy, the engine of job creation, expanded 3.7 percent.

Even in a booming job market, the labour participation rate for Saudi citizens fell by 1.4 percentage point from the fourth quarter to 50.1 percent in the first three months of this year.


Back to top button