The latest labor market bulletin for the first quarter of 2024, released by the General Authority for Statistics (GASTAT), shows that the number of Saudi citizens joining the local labor market for the first time reached 16,500 in June. The total number of citizens working in the private sector exceeded 2.3 million, including 1.4 million men and 957,000 women. Additionally, the total number of expatriates working in the private sector reached about 9 million, with 8.7 million men and 376,000 women. This data was compiled by the National Labor Observatory (NLO) in a detailed publication released recently.
According to the GASTAT report, the unemployment rate among Saudis continued to decline in the first quarter of 2024, reaching 7.6 percent, down from 7.8 percent in the fourth quarter of 2023. This rate is only slightly higher than the Vision 2030 target of 7 percent. The total number of workers in the private sector as of the end of May was approximately 11.3 million. Of these, 2.3 million were citizens, with 1.3 million men and over 971,000 women. Expatriates working in the private sector numbered around 9 million, with 8.6 million men and 371,000 women.
One key highlight from the report is the net growth in citizens’ jobs for the month of May, with 30,800 individuals entering the private sector for the first time. This positive trend in job creation for Saudi citizens is an encouraging sign of growth and development in the labor market. As more and more Saudis enter the workforce, the country continues to diversify its economy and reduce reliance on oil revenues.
The GASTAT report provides valuable insights into the Saudi labor market, highlighting the increasing participation of citizens in the private sector. With initiatives like Vision 2030 driving economic growth and job creation, the government is focused on empowering Saudis to take on new opportunities and contribute to the country’s development. The report’s data reflects the progress being made towards achieving a more balanced and sustainable labor market in Saudi Arabia.
It is evident from the report that efforts to reduce unemployment and increase the participation of Saudis in the workforce are yielding positive results. The decline in the unemployment rate and the significant number of new citizens entering the private sector are indicators of a robust and dynamic labor market in Saudi Arabia. As the country continues its economic diversification efforts, opportunities for Saudis to secure meaningful employment are on the rise.
Overall, the latest data from GASTAT paints a picture of a labor market that is evolving and expanding, with more Saudis finding jobs in the private sector. By promoting job creation and fostering a supportive environment for businesses, Saudi Arabia is on track to achieve its Vision 2030 goals of sustainable economic growth and increased prosperity for its citizens. This report serves as a reminder of the progress being made and the potential for further growth and development in the Saudi labor market.
