The labor market bulletin for the first quarter of 2024 has shown significant positive results in terms of employment numbers, the unemployment rate among Saudis, and the economic participation levels of the overall population and Saudis. These positive outcomes reflect the ongoing expansion of the Saudi labor market through the recruitment of national talents and the achievement of the Vision 2030 goals aimed at economic transformation by supporting Saudi citizens’ participation in the labor market.
Efforts and regulations by the Ministry of Human Resources and Social Development have resulted in a near-stable overall unemployment rate, which stood at 3.5% in Q1 2024, a slight increase of 0.1 percentage points from 3.4% in Q4 2023. The Ministry’s initiatives have also contributed to a historic decline in the overall unemployment rate among Saudis, which reached 7.6% in Q1 2024, down by 0.2 percentage points from 7.8% in Q4 2023.
The Ministry’s efforts to support and empower Saudi youth have led to increased participation in the labor market, with the unemployment rate among Saudi males decreasing to 4.2% in Q1 2024, compared to 4.6% in Q4 2023. The unemployment rate among Saudi females remained close to its unprecedented low levels achieved in the previous quarter, rising slightly by 0.3 percentage points to 14.2% in Q1 2024 from 13.9% in the previous quarter.
Programs and initiatives by the Ministry aimed at supporting private sector establishments have resulted in a new record number of Saudi employees in the private sector, reaching approximately 2,363,194 Saudis. The labor market bulletin also showed an increase in the overall labor force participation rate among Saudis, which reached 51.4% in Q1 2024, up from 50.4% in the previous quarter. However, there was a slight decrease in the overall labor force participation rate for the total population, which stood at 66% in Q1 2024, down by 1 percentage point from 67% in Q4 2023.
The labor force participation rate among Saudi females increased to 35.8% in Q1 2024, up from 35.0% in Q4 2023. Similarly, the participation rate among Saudi males rose to 66.4% in Q1 2024, up from 65.4% in the previous quarter.
Approximately 1.1 million Saudis benefited from programs provided by the Human Resources Development Fund (HRDF) aimed at supporting the training, employment, and empowerment of national talents. The HRDF’s support expenditures for enabling Saudis exceeded SAR 2.13 billion during Q1 2024.
