Saudi Arabia’s job numbers witnessed their strongest growth rate since January 2018, and the unemployment rate for Saudi male citizens has fallen to its lowest level in more than 20 years, according to official data.
The labor force participation rate of Saudi women continued to rise, reaching 37%, the Ministry of Economy and Planning said.
The strong job market for Saudis is in lockstep with a Saudi economy that continues to grow. The latest Riyad Bank Saudi Arabia Purchasing Managers Index report noted that the Kingdom’s headline PMI stood firmly above the 50.0 no-change mark at 56.9 in December 2022 — a slight decline from November when the index hit 58.5.
In October, Saudi Arabia’s PMI was 57.2, while in September, it was 56.6.
Any number above 50 in the PMI indicates growth.
Increasing employment for Saudis is one of the top priorities put forth in the Kingdom’s Vision 2030 economic and social reform blueprint.
The Kingdom has been emphasizing increasing Saudi participation in the workforce since its Nitaqat scheme was launched in 2011.
“Job creation in the non-oil sector has never been this strong in almost five years. This is attributed to the ongoing reforms that support the private sector under the Saudi Vision 2030,” said Naif Al-Ghaith, chief economist at Riyad Bank, told Arab News.
