The latest Labor Market Bulletin for the third quarter of 2024, issued by the General Authority for Statistics (GASTAT), shows a positive trend in Saudi women’s participation in the labor force. The report indicates that there was an increase of 0.8 percentage points, bringing the participation rate to 36.2 percent. This is a significant development that demonstrates the ongoing efforts to empower women in the workforce. The bulletin also highlighted that the unemployment rate among Saudis in the third quarter of 2024 was 7.8 percent, which is a slight increase compared to the previous quarter but a decrease from the same period in 2023.
In addition, the report revealed that the Saudi and non-Saudi labor force combined stood at 66.6 percent in the third quarter of 2024, representing a 0.4 percent increase from the second quarter of the same year. Among Saudis, the labor force increased by 0.7 percentage points, reaching 51.5 percent. This growth is a positive sign for the Saudi economy and highlights the potential for further development and expansion in the labor market. Furthermore, the employment-to-population ratio among Saudis also saw an increase, rising by 0.2 percentage points to 47.4 percent in the third quarter of 2024.
One of the notable findings of the bulletin was the increase in the participation of Saudi women in the labor force. The employment-to-population ratio among Saudi women rose by 0.5 percentage points, reaching 31.3 percent. Specifically, among Saudi women aged 15-24, there was a significant increase in participation, with a 1 percentage point rise to 18 percent. The employment-to-population ratio for this age group also saw a positive growth of 0.6 percentage points, reaching 13.6 percent. These figures indicate a shift towards greater inclusion and opportunities for young Saudi women in the workforce.
The bulletin also highlighted the positive developments among young Saudi men, with participation in the labor force increasing by 1.1 percentage points to 34.6 percent. Overall, among Saudi men, labor force participation increased by 0.6 percentage points, reaching 66.9 percent, with an employment-to-population ratio of 63.7 percent. These figures point towards a growing and dynamic workforce in Saudi Arabia, with both men and women contributing to the country’s economic development.
Furthermore, the bulletin emphasized the increased participation of Saudi men and women in the prime working-age group of 25-54 years. Labor force participation among this age group rose by 0.7 percentage points to 69.4 percent, and the employment-to-population ratio increased by 0.3 percentage points to 64.8 percent. This is a positive trend that indicates a strong and active workforce in the prime working-age group, which is essential for driving economic growth and prosperity in the country.Overall, the latest Labor Market Bulletin for the third quarter of 2024 highlights positive developments in the Saudi labor market, with an increase in women’s participation and overall labor force growth. These trends bode well for the future of Saudi Arabia’s economy and indicate a promising outlook for continued progress and development in the workforce. With ongoing efforts to empower women and enhance opportunities for all citizens, Saudi Arabia is on track to build a strong and inclusive labor market that drives sustainable economic growth and prosperity.
