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04-04-23
Riyadh Records Lowest Unemployment Rate in Saudi Arabia
(MENAFN) According to the General Authority for Statistics, Riyadh has achieved the lowest unemployment rate in Saudi Arabia at 6.7 percent, as the Kingdom continues to make progress in achieving its Vision 2030 goals. The report revealed that the unemployment rate in Madinah was recorded at 12.2 percent, followed by Jazan at 11 percent, and Makkah at 7 percent at the end of the fourth quarter of 2022. The Kingdom aims to achieve an unemployment rate of 7 percent by 2030.
The report further stated that the unemployment rate in Saudi Arabia's Eastern Province was 6.9 percent at the end of 2022. The unemployment rate among Saudis also decreased significantly in the fourth quarter of 2022, reaching 8 percent compared to 9.9 percent in the third quarter. The unemployment rate of the overall population in Saudi Arabia in the fourth quarter was 4.8 percent.
GASTAT noted that the impressive decrease in the unemployment rate resulted from the decrease in labor force participation and employment growth. The report further added that the unemployment rate among Saudis with a doctorate degree was the lowest at 0.2 percent. Meanwhile, Saudis who had a bachelor's degree or its equivalent had the highest unemployment rate of 9.9 percent in the fourth quarter of 2022. The unemployment rate among Saudi diploma holders and high school graduates stood at 8.1 percent and 7.4 percent, respectively.
In terms of unemployment among Saudis according to educational specializations, the highest rate was in natural sciences, mathematics, and statistics at 12.8 percent, followed by arts and humanities at 11.6 percent, and communications and information technology at 10 percent.
The report also revealed that unemployment among Saudi women dropped to 15.4 percent in the final three months of 2022 from 20.5 percent in the previous quarter, though their labor force participation rate fell 1 percentage point to 36 percent.
The progress made by Riyadh in achieving the lowest unemployment rate in Saudi Arabia is a significant milestone in the country's efforts to achieve its Vision 2030 goals. While there is still work to be done, the decrease in unemployment rates among Saudis and Saudi women is a positive development that could lead to increased economic growth and stability in the Kingdom.
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