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Showing posts from November, 2023

Saudi Arabia's Unemployment Rate Falls to 5.1% in First Quarter

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Saudi Arabia's unemployment rate fell to 5.1% in the first quarter of 2023, from 6% in the same period a year ago, according to data from the General Authority for Statistics ( Gastat ).  The decline in the unemployment rate was driven by an increase in the labor force participation rate, which rose to 52.7% from 50.4% a year ago. The employment-to-population ratio also increased, to 48.1% from 46.5%. The unemployment rate for Saudi nationals fell to 8.5% from 10.1%, while the unemployment rate for non-Saudis fell to 2.9% from 3.4%. The decline in the unemployment rate is a positive sign for the Saudi economy, which has been struggling to create jobs in recent years. The government has been implementing a number of reforms aimed at boosting the economy and creating jobs, including increasing the participation of women in the workforce and reducing the number of foreign workers. Saudi Recruitment Efforts The Saudi government has been making a concerted effort to reduce unemployment