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Saudi unemployment rate declines to 12.6% in Q4-20

Saudi unemployment rate declines to 12.6% in Q4-20
There was an increase in the labour force participation rate of all Saudis

Riyadh – Mubasher: The unemployment rate in Saudi Arabia decreased to 12.6% during the fourth quarter (Q4) of 2020, compared to 14.9% in the previous quarter, according to estimates by the General Authority for Statistics (GASTAT).

This level was similar to the 12% the Kingdom’s unemployment rate reached in Q4-19 before the COVID-19 pandemic started.

There was an increase in the labour force participation rate of all Saudis, of 15 years old and above, to reach 51.2% in Q4-20, compared to 49% in the third quarter (Q3) of 2020.

As for the unemployment rate of Saudis and non-Saudis, the level fell to 7.4% in Q4-20, compared to 8.5% in Q3-20.

Saudi Arabia’s unemployment rate was expected to improve during Q4-20 according to economic indicators picked up by Jadwa Investment earlier this year.