Unemployment in Saudi Arabia

Saudi Arabia Unemployment | Economic News & Forecasts

Saudi Arabia - Unemployment

After expanding at the fastest pace in more than a decade during Q1, the economy is likely to remain at full throttle in Q2. Thanks to an increased OPEC+ quota, oil production rose to its highest level in two years during April. After slipping during that same month, oil prices then recorded their highest monthly average since 2011 in May. Rising oil prices are boosting the external and fiscal balances. However, this windfall is unlikely to boost GDP as much as in recent years. The government is concerned that as the world turns away from fossil fuels, this could be oil’s last great bull run. As a result, it is planning to plough money from this windfall into the country’s USD 600 billion sovereign wealth fund as part of its effort to diversify the economy. It will also use some of it to rebuild foreign exchange reserves and reduce public debt.

Saudi Arabia - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate5.7  5.6  5.9  6.0  5.6  

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Saudi Arabia Unemployment Chart

Saudi Arabia Unemployment
Note: Unemployment in % of active population.
Source: Central Department of Statistics and Information.

Saudi Arabia Facts

Value Change Date
Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Dec 31
Stock Market0.21.00 %Jan 07

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