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Time of India
3 days ago
- Business
- Time of India
Saudi Arabia's unemployment falls to 2.8%: Here's what's changing in the job market
The kingdom's unemployment rate drops to a new low amid Vision 2030 reforms/Representative Image TL;DR: Saudi Arabia's overall unemployment rate including nationals and expatriates dropped to just 2.8% in Q1 2025, down from 3.5% in Q4 2024. Saudi nationals' unemployment reached a historic low of 6.3%, ahead of the Vision 2030 target of 7%, prompting a revised aim of 5% by 2030. Saudi women's unemployment fell to 10.5%, while female participation rose to 36.3%. Male unemployment declined to 4.0%, and male participation reached 66.4%. The labour force participation rate overall rose to 68.2%, with Saudi citizen participation hitting 51.3%. In a significant milestone for the Kingdom's economic transformation, Saudi Arabia's total unemployment rate dropped to 2.8% in the first quarter of 2025, the lowest on record, as confirmed by the General Authority for Statistics (GASTAT). The decline reflects rising participation rates and successful workforce policies under Vision 2030. For Saudi nationals, the unemployment rate hit a historic low of 6.3%, surpassing earlier targets and prompting a new ambition to reduce it further to 5% by 2030. Breaking Down the Figures Overall Unemployment and Participation Rates GASTAT reported an overall labour force participation rate of 68.2%, rising from 66.4% in Q4 2024. Among Saudi nationals, the participation rate increased to 51.3%, signalling broader workforce integration. Gendered Insights as per GASTAT Saudi women's unemployment dropped sharply to 10.5%, down 3.6 percentage points year-on-year, driven by structural reforms and increased access to public and private job sectors. Female participation rose to 36.3%, with an employment-to-population ratio of 32.5%. For Saudi men, unemployment decreased to 4.0%, while their labour force participation reached 66.4%. Youth & Age Cohorts Employment among core working-age Saudis (aged 25–54) increased to 65.9%, with unemployment falling to 5.4%. Young Saudi men (15–24 years) saw their unemployment drop to 11.6%, despite a slight decline in participation to 33.0%. Young Saudi women improved their employment-to-population ratio to 14.6%, with participation rising to 18.4%. What Is Driving the Decline? Several factors are credited for this improvement: Vision 2030 Economic Reforms: The government has invested heavily in infrastructure, technology, tourism (e.g., NEOM and Red Sea Project), and financial services, generating thousands of new jobs. National Labour Programs: Programs like 'Nitaqat' and the Human Capability Development Program are tailored to skill and match Saudi job seekers with private sector roles. Rise in Female Employment: Post-2018 reforms that removed mobility and guardianship restrictions have led to more Saudi women entering the workforce. The latest GASTAT data shows women's unemployment falling by 1.2% compared to the previous quarter. Private Sector Incentives: Companies hiring Saudi nationals benefit from subsidies, relaxed taxes, and accelerated licensing processes. This has encouraged more private firms to localise employment. Labour Market Challenges Remain Despite progress, challenges persist: Youth unemployment, while improving, still hovers near 15%. Many Saudis continue to prefer public sector jobs due to higher pay and security. Private sector alignment with graduate skills remains inconsistent. The Ministry of Human Resources and Social Development (MHRSD) recently announced plans to expand vocational training partnerships and promote hybrid work opportunities for Saudi women to address gaps in rural employment zones. Why It Matters: Saudi Arabia's progress on unemployment is more than just a statistical improvement, it represents a cultural and structural transformation. By 2030, the Kingdom aims to have 70% private sector workforce participation by Saudi nationals. Achieving this will determine the sustainability of its diversification agenda and reduce the pressure on public sector employment. The drop in the unemployment rate boosts investor confidence, aligns with international development benchmarks, and provides the groundwork for a more inclusive and competitive labour market. As of July 2025, Saudi Arabia's steady drop in unemployment reflects a proactive approach to restructuring its economy and empowering its workforce. Continued investments in skill-building, gender inclusion, and private sector incentives are expected to maintain this momentum. However, maintaining long-term success will depend on narrowing regional inequalities, better aligning education with industry needs, and ensuring the reforms reach all segments of Saudi society. FAQs: Q1: What is Saudi Arabia's unemployment rate as of 2025? As of Q1 2025, the overall unemployment rate is 2.8%, according to GASTAT. Q2: What programs are helping reduce unemployment? Key programs include Saudisation (Nitaqat), the Human Capability Development Program, and support for private sector hiring. Q3: Is female employment rising in Saudi Arabia? Yes. Female participation is now at 36.3%, with women's unemployment declining due to targeted government initiatives. Q4: What sectors are generating the most jobs? Technology, tourism, logistics, and finance have been the fastest-growing employment sectors.
Arab News
5 days ago
- Business
- Arab News
Saudi non-oil exports climb 6% to $8.29bn: GASTAT
RIYADH: Saudi Arabia's non-oil exports, including re-exports, reached SR31.11 billion ($8.29 billion) in May, marking a 6 percent increase compared to the same month in 2024, official data showed. Preliminary figures released by the General Authority for Statistics showed that the UAE remained the top destination for the Kingdom's non-oil products, with exports to the Emirates amounting to SR9.54 billion in May. India was the second-largest non-oil trade partner, importing goods worth SR2.78 billion, followed by China at SR2.03 billion, Bahrain at SR989.1 million, and Turkiye at SR924.7 million. The rise in non-oil exports supports the goals of Vision 2030, which aims to diversify Saudi Arabia's economy and reduce its reliance on oil revenues. In its latest report, GASTAT stated: 'Non-oil exports in May, including re-exports, recorded an increase of 6 percent compared to May 2024, while national non-oil exports, excluding re-exports, decreased by 1.8 percent.' It added: 'Moreover, the value of re-exported goods increased by 20.5 percent during the same period.' In a separate release in May, GASTAT noted that the Kingdom's gross domestic product grew by 2.7 percent year on year in the first quarter, driven by robust non-oil activity. Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim — who also chairs GASTAT's board — highlighted that the contribution of non-oil activities to the Kingdom's economic output reached 53.2 percent, a 5.7 percent increase over previous estimates. He added that the country's economic outlook remains strong, buoyed by structural reforms and high-quality, state-led projects across various sectors. Other major destinations for Saudi Arabia's non-oil shipments in May included Egypt, which received goods worth SR585.1 million, followed by Belgium at SR756.6 million, and Kuwait at SR736.9 million. Exports to the US stood at SR730.3 million, while shipments to Singapore and Jordan totaled SR689.3 million and SR642.8 million, respectively. Departure locations Among seaports, the King Fahad Industrial Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR3.52 billion, followed closely by the Jeddah Islamic Sea Port at SR3.35 billion. Ras Al Khair and Jubail Sea Ports facilitated non-oil exports worth SR2.37 billion and SR2.36 billion, respectively. On land, the Al-Batha Port processed non-oil exports worth SR2.18 billion. Al-Hadithah and Al-Wadiah ports recorded outbound shipments of SR864.4 million and SR460.2 million, respectively. King Abdulaziz International Airport led all air terminals, handling SR4.22 billion in non-oil exports in May — a 258 percent increase compared to the same month last year. Machinery and chemicals lead the way 'Among the most important non-oil exports are machinery, electrical equipment and parts, which constituted 23.7 percent of the total non-oil exports, recording a 99.8 percent increase compared to May 2024,' GASTAT noted. Chemical products came in second, accounting for 22.8 percent of total non-oil exports and growing 0.4 percent year on year. The strength of Saudi Arabia's non-oil private sector was further affirmed by Riyad Bank's Purchasing Managers' Index, compiled by S&P Global, which showed that the Kingdom's headline PMI rose to 57.2 in June, up from 55.8 in May. This reading indicates a strong improvement in business conditions, exceeding the long-run average of 56.9. A PMI score above 50 signals expansion, while a figure below that mark indicates contraction. Saudi Arabia's June PMI also outpaced that of its regional peers, with the UAE and Kuwait recording 53.5 and 53.1, respectively. Merchandise exports According to GASTAT, the Kingdom's total merchandise exports in May declined 14 percent year on year to SR90.44 billion. The drop was primarily due to a 21.8 percent fall in oil exports, which caused the share of oil in total exports to drop from 72.1 percent in May 2024 to 65.6 percent this year. China was the top destination for Saudi Arabia's overall merchandise exports, with shipments valued at SR12.66 billion. The UAE followed at SR10.13 billion — a 37.5 percent jump compared to the previous year — while exports to India reached SR8.07 billion. South Korea, Japan, and the US imported SR7.44 billion, SR5.99 billion, and SR3.68 billion worth of goods, respectively. Imports climb Saudi Arabia's imports in May reached SR80.93 billion, up 7.8 percent year on year, GASTAT reported. Machinery, mechanical and electrical equipment topped the import list at SR24.03 billion, followed by transport equipment at SR9.20 billion and chemical products at SR7.64 billion. Base metal imports stood at SR7 billion, while mineral products totaled SR4.84 billion. By region, Asia remained the Kingdom's largest trade partner, contributing SR47.59 billion in imports — a 17.8 percent rise from a year ago. Imports from Europe and the Americas amounted to SR19.85 billion and SR8.83 billion, respectively. Africa supplied SR3.78 billion worth of goods, while imports from Oceania totaled SR778.8 million. China led all countries as the top source of imports, with SR23.36 billion worth of shipments in May, a 23.3 percent year-on-year increase. The US followed with SR6.04 billion, ahead of the UAE at SR5.07 billion, India at SR3.69 billion, and Japan at SR3.61 billion. Sea routes were the dominant entry channel for imports, accounting for SR47.39 billion — a 7.1 percent increase year on year. Air and land routes handled SR24.33 billion and SR9.20 billion worth of inbound goods, respectively. King Abdulaziz Sea Port in Dammam led all seaports with SR21.37 billion in imports, followed by Jeddah Islamic Sea Port at SR17.49 billion and Ras Tanura Port at SR1.50 billion. Among land entry points, Al-Batha Port managed SR3.92 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.56 billion and SR830.5 million, respectively. By air, King Khalid International Airport in Riyadh received SR11.17 billion in imports. King Abdulaziz International Airport and King Fahad International Airport handled SR8.85 billion and SR4.28 billion, respectively.
Argaam
21-07-2025
- Business
- Argaam
Prices of 84 Saudi commodities, services soar in June
The average prices of 84 out of 169 goods and services in 10 categories in Saudi Arabia turned higher year-on-year (YoY) in June, data issued by the General Authority for Statistics (GASTAT) showed. African medium lemon was the highest gainer in June, up 42.62% YoY, followed by white American cardamom with a 24.01% YoY hike. Meanwhile, local medium potatoes was the biggest decliner, dropping by 14.97% YoY, followed by local round onion, which tumbled by 14.83% YoY. Elsewhere, prices of 22 construction materials rose on an annual basis last month, while 16 others decreased YoY. Annual prices of three feed and livestock types surged in June, while 10 others contracted YoY. In the clothing category, prices of five items increased YoY, while five others retreated YoY for the same month. Prices of three miscellaneous personal services and commodities went up YoY, while one fell YoY in June. Likewise, prices of two detergent products advanced last month, compared to June 2024. Meanwhile, two items remained flat. Prices of the two health services witnessed a YoY rise in the same month, while one saw a decline. Elsewhere, prices of one service under the maintenance & repair of personal means of transportation grew on an annual basis. The other service under the same category, on the other hand, retreated YoY in June. However, prices of both hotel rooms and furnished apartments fell YoY in June.
Arabian Business
15-07-2025
- Business
- Arabian Business
Saudi inflation holds steady at 2.3% in June 2025 as consumer and wholesale prices stabilise
Saudi Arabia's inflation rate remained stable at 2.3 per cent in June 2025 compared to the same month in 2024, according to the latest data released by the General Authority for Statistics (GASTAT). On a monthly basis, the Consumer Price Index (CPI) also showed no significant movement, holding steady with a 0.2 per cent increase from May 2025. The CPI tracks changes in the prices paid by consumers for a basket of 490 goods and services, compiled using data from the 2018 Household Income and Expenditure Survey. Saudi inflation 2025 The Wholesale Price Index (WPI), which measures changes in prices at the producer level, remained relatively stable at 2.1 per cent year-on-year. However, it saw a slight monthly decline of 0.1 per cent in June. Annual CPI (June 2025 vs June 2024): 2.3 per cent Monthly CPI (June 2025 vs May 2025): 0.2 per cent Annual WPI: 2.1 per cent Monthly WPI change: -0.1 per cent The stability in both consumer and wholesale prices suggests that the Kingdom is maintaining effective inflation control measures, even as other global economies continue to grapple with price volatility and cost-of-living concerns.
Zawya
15-07-2025
- Business
- Zawya
Saudi: Inflation remains stable at 2.3% in June
RIYADH — The annual inflation rate in Saudi Arabia remained relatively stable at 2.3 percent in June 2025 compared to the same month last year. The Consumer Price Index (CPI) or inflation recorded an increase of 0.1 percent in June compared to the previous month of May when it stood at 2.2 percent, according to the monthly statistics bulletin published on Tuesday by the General Authority for Statistics (GASTAT). Saudi Arabia continues to record one of the lowest inflation rates among G20 countries. According to the report, this slight rise was mainly driven by an increase in the prices of the housing, water, electricity, gas and fuel section by 0.2 percent. The CPI witnessed slight increases in prices for several other categories on a monthly basis, including food and beverages by 0.1 percent, miscellaneous personal goods and services by 0.5 percent and recreation and culture by 0.3 percent. On an annual basis, the slight increase is attributed to a 6.5 percent increase in the prices of housing, water, electricity, gas, and fuel. This category has the greatest impact on inflation during this month, given its weighting of 25.5 percent of the index. The increase in the housing category was driven by a 7.6 percent increase in rents paid for housing, specifically a 7.1 percent increase in villa rental prices in June 2025. A number of other categories also saw price increases on an annual basis. Prices in the food and beverages section rose by 1.5 percent, driven by a 2.4 percent increase in meat and poultry prices. Prices in the miscellaneous personal goods and services section rose by 4.1 percent, impacted by a 26.5 percent increase in the prices of jewelry, watches, and antiques. Prices in the restaurants and hotels section rose by 1.6 percent, driven by a 1.9 percent increase in the prices of restaurants, cafes, and similar establishments. The education section saw a 1.4 percent increase, impacted by a 5 percent increase in higher education fees. On the other hand, some sections recorded year-on-year price declines. Prices in the home furnishings and equipment section fell by 1.7 percent, impacted by a 3.6 percent decrease in the prices of furniture, carpets, and floor coverings. Prices in the clothing and footwear section also fell by 0.6 percent, due to a 1.4 percent decrease in the prices of ready-made garments. Transportation prices fell by 0.7 percent, driven by a 1.7 percent decline in vehicle purchase prices. While some categories rose on a monthly basis, the CPI witnessed declines in both the health and communications categories, which fell by 0.3 percent and 0.1 percent respectively. Transportation and tobacco products prices remained relatively unchanged in June 2025. The CPI reflects changes in the prices paid by consumers for a fixed basket of 490 items. Saudi Arabia's wholesale price index recorded an annual increase of 2.1 percent during June 2025, compared to the same month in 2024. This increase was primarily due to a 4.5percent increase in the prices of other transportable goods, in addition to a 4.4 percent increase in the prices of agricultural and fishing products. The prices of other transportable goods, excluding metal products, machinery, and equipment, increased by 4.5 percent in June 2025 compared to June 2024. This increase was driven by an 8.2 percent increase in the prices of refined petroleum products and a 9.3 percent increase in the prices of furniture and other transportable goods not elsewhere classified. The prices of agricultural and fishing products also increased by 4.4 percent, driven by a 7 percent increase in the prices of fish and other fishery products, as well as a 6.7 percent increase in the prices of agricultural products. In a related context, the prices of food products, beverages, tobacco, and textiles increased by 0.2 percent. This was due to a 1.4 percent increase in the prices of grain mill products, starch, and other food products, in addition to a 1.1percent increase in the prices of leather, leather products, and footwear. On the other hand, the prices of raw materials and metals decreased by 1.1 percent, due to a 1.1 percent decrease in the prices of stones and sand. The prices of metal products, machinery, and equipment also decreased by 0.3 percent, due to a 4.7 percent decrease in the prices of radio, television, and communications equipment and equipment, as well as a 3.5 percent decrease in the prices of used general-purpose machinery. On a monthly basis, the wholesale price index decreased by 0.1 percent in June 2025 compared to the previous month of May. This decrease was due to a 0.2 percent decrease in the prices of metal products and machinery and equipment, driven by a 0.5 percent decrease in the prices of radio, television, and communications equipment and equipment, and a 0.5 percent decrease in the prices of used general-purpose machinery. The index of other transportable goods, excluding metal products, machinery, and equipment, also decreased by 0.1 percent due to a 0.4 percent decline in the prices of basic chemicals and a 0.2 percent decline in the prices of glass and non-metallic products. In the same context, the prices of food, beverages, tobacco, and textiles decreased by 0.2 percent, due to a 0.5 percent decline in the prices of finished textile goods excluding clothing and a 0.4 percent decline in the prices of leather, leather products, and footwear. On the other hand, the prices of agricultural and fishery products increased by 0.4 percent due to a 0.6 percent rise in the prices of live animals and animal products, and a 0.4 percent rise in the prices of agricultural products. Meanwhile, the prices of raw materials and metals remained stable, recording no significant changes in June 2025. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
