Unemployment in Saudi Arabia declined in the 3q 2019 and is likely to continue to improve as a pick-up in the non-oil private sector growth should translate to more jobs, according to a recent report from Jadwa Investment.
The latest General Authority for Statistics (GaStat) labor market release for Q3 2019 shows that unemployment declined to 12 percent, down from 12.3 percent in Q2 2019, Jadwa Investment notes in its update on the Saudi labor market.
In more good news, Q3 witnessed a higher participation rate amongst the youth (20-24 years old), rising from 29 percent in Q2 to 31.4 percent in Q3, the highest since Q1 2017. The data also showed that the total number of expats in the Saudi labor market declined by nearly 2 million since the start of 2017.
“Looking ahead, we believe a pick-up in the non-oil private sector growth should translate to a continued improvement in employment levels,” the Riyadh-based bank said.