Saudi unemployment down marginally to 11.3% in Q2

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DUBAI, Sep 30 (Businesshala) – Unemployment in Saudi Arabia fell only marginally to 11.3% in the second quarter from 11.7% in the first three months of the year, official data showed on Thursday, as the recovery from the coronavirus crisis eased . Speed.

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Saudi Arabia has been pushing for economic reforms to create millions of jobs since 2016 and aims to reduce unemployment to 7% by 2030, but those plans were hampered by the COVID-19 pandemic that has pushed oil prices down. There was a decline.

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Unemployment hit a record high of 15.4% in the second quarter of last year, but has since declined sharply, reaching pre-pandemic levels in the first quarter of this year.

The pace of decline slowed in the second quarter, however, data from the General Authority for Statistics showed on Thursday, while a business survey this month pointed to a sharper decline in production expansion in the private sector.

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The statistics authority said unemployment among Saudi women rose to 22.3% in the second quarter, up from 21.2% in the previous quarter.

Total labor force participation for Saudis and non-Saudis was 60.8% in the second quarter, down from 61.1% in the first three months of the year.

The Saudi economy shrank 4.1% in 2020, hit by low crude oil prices and coronavirus-related sanctions that hit its nascent non-oil economic sectors.

Rating agency S&P Global Ratings said this week it expects growth to average 2.4% between 2021 and 2024. (Reporting by David Barbusia; Editing by Nick McPhee)

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