Mubasher TV
Contact Us Advertising   العربية

Saudi unemployment rate to improve in Q4 – Jadwa

Saudi unemployment rate to improve in Q4 – Jadwa
The unemployment fell to 14.9% in Q3-20 from 15.4% in Q2-20.

Riyadh – Mubasher: Saudi Arabia’s unemployment rate is expected to improve during the fourth quarter (Q4) of 2020 as some economic indicators have picked up during the quarter, Jadwa Investment said in its latest Saudi Labor Market Update.

Looking further ahead into 2021, with the kingdom progressing with the Covid-19 vaccine programme, Jadwa projected the economic recovery to accelerate as more of the population is inoculated, all of which will aid employment growth during 2021.

In Q3-20, the unemployment fell to 14.9% from 15.4% in Q2-20, driven by the pick-up in overall economic activity in Q3 following the lifting of pandemic-related restrictions.

The number of expats in the labour market dropped by 231,000, on a net basis, in Q3-20 quarter-on-quarter.

“In line with our expectations, we note a higher degree of substitution of expats with Saudis was seen in wholesale and retail, administrative services, manufacturing, and accommodation and food services,” Jadwa said.