RIYADH: Saudi Arabia’s overall unemployment rate stabilized at 3.5 percent in the first quarter of 2024, marking a yearly decrease of 0.8 percentage points, the latest data showed. According to the Labor Force Survey conducted by the General Authority for Statistics, the unemployment rate for Saudi nationals reached 7.6 percent in the first quarter, a slight decrease of 0.2 percentage points from the previous quarter and a yearly drop of 1.1 percentage points compared to the first quarter of 2023. This figure, derived from population estimates of the Saudi Census 2022, highlights the positive trend in the Kingdom’s labor market. These statistics underscore the Kingdom’s ongoing efforts to bolster employment opportunities and foster economic growth. As the Kingdom continues to implement Vision 2030, these improvements in employment metrics are anticipated to support the nation’s socio-economic development and long-term growth. Further analysis revealed an encouraging trend in labor force participation among Saudis, which increased by 1.0 percentage points from the fourth quarter of 2023, reaching 51.4 percent in the first quarter of this year. Additionally, the employment-to-population ratio for Saudis also saw an upward trend. The stable overall unemployment rate, coupled with rising participation and employment ratios among Saudi citizens, reflects the positive impact of various labor market reforms and economic diversification initiatives undertaken by the government. The employment-to-population ratio for Saudis also showed an upward trend, increasing by 0.1 percentage points to reach 47.5 percent, a rise of 0.5 percentage points compared to the first quarter of 2023. In the first quarter of 2024, the labor market indicators in the Kingdom indicated improvements, with the employment-to-population ratio for Saudi women increasing by 0.6 percentage points to 30.7 percent. Additionally, the labor force participation rate for Saudi females rose by 0.8 percentage points to 35.8 percent. However, the unemployment rate for Saudi females increased by 0.3 percentage points to 14.2 percent compared to the first quarter of 2023. Among Saudi male workers, both the employment-to-population ratio and labor force participation rate increased by 1.2 and 1.0 percentage points, reaching 63.6 percent and 66.4 percent, respectively. Concurrently, the unemployment rate decreased by 0.4 percentage points to 4.2 percent compared to the first quarter of 2023. According to the GASTAT survey, a significant 95.9 percent of unemployed Saudi nationals are open to working in the Kingdom’s private sector. Furthermore, 80.1 percent of unemployed Saudi women and 91 percent of men expressed readiness to work eight hours or more per day. The data revealed that 62.5 percent of unemployed Saudi women and 45.8 percent of men are willing to commute for up to one hour. Notably, the most prevalent job search method among Saudis involves seeking assistance from friends and relatives, with 87.5 percent of job seekers relying on this approach.