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Saudi Arabia's unemployment rate fell by 9.7% in Q2 2022
Posted on September 30, 2022 |
- Saudi Arabia's unemployment rate decreased by 0.4% points (pp) to 9.7% in Q2 2022 compared to Q2 2021.
- Saudi's labor force participation rate grew by 1.7 pp to 51.8%, and the employment-to-population ratio grew by 1.7 pp to 46.8% compared to 2021.
- The unemployment rate decreased among men by 0.3 pp to 4.7% in Q2 2022, which is down by 1.4 pp compared to Q2 2021, and among Saudi women, the rate fell by 0.9 pp to 19.3%
- Saudi Arabia is expected to see the fastest growth in the economy this year due to comprehensive pro-business reforms an increase in oil prices and production power recovery from a pandemic-induced recession in 2020