Saudi’s unemployment rate is on a winning streak, dropping again in the second quarter to 7.1 percent, according to the latest government data!

This marks a significant fall from 7.6 percent in the previous quarter and 8.5 percent from just a year ago. Even better, the overall unemployment rate, including expats, saw a drop to 3.3 percent, down from 4.1 percent last year.

These numbers are a huge win for Crown Prince Mohammed bin Salman’s Vision 2030, which aims to create more jobs, especially for the Kingdom’s youth

With over 60 percent of Saudis under 30, the focus on job creation in the private sector is stronger than ever.

One of the standout achievements is the rise of women in the workforce

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Female unemployment saw an impressive drop to 12.8 percent in Q2, down from 14.2 percent in Q1. Even more exciting, the participation of Saudi women in the labor market has already smashed the Vision 2030 goal of 30 percent, reaching a record 35.4 percent!

However, the overall labor force participation rate among Saudis has stayed steady, sitting at 50.8 percent, similar to last year’s numbers. The IMF noted in a recent report that while the Kingdom is making progress with labor market reforms, there’s still room for growth in boosting overall participation and addressing wage gaps.

With Saudi Arabia continuing to push the boundaries in job creation and women’s empowerment, the country is on an exciting path to building a more diverse and dynamic economy!