“The Saudi unemployment rate is at a historical low. Amid an increase in labor force participation, total unemployment dropped to 4.8 percent by end-2022—from 9 percent during Covid—reflecting both an increase in Saudi workers in the private sector and expatriate workers (mostly in the construction and agricultural sectors) rising back above pre-Covid levels. Youth unemployment was halved to 16.8 percent in 2022 over the past two years while female participation in the labor force reached 36 percent in 2022, exceeding the 30 percent target set under the authorities’ Vision 2030 reform agenda.” 

IMF Executive Board Concludes 2023 Article IV Consultation with Saudi Arabia [IMF]