Saudi unemployment falls in Q1, but before coronavirus impact

DUBAI, July 7 (Reuters) – Unemployment among Saudi Arabian citizens in the first quarter fell below 12% for the first time in four years, official figures released on Tuesday showed, but they did not capture the impact of the coronavirus crisis.

Unemployment fell to 11.8% from 12% the previous quarter, the General Authority for Statistics said.

“Data in these statistics do not yet reflect the impact of COVID-19 crisis as they were collected early in the first quarter,” it said in a statement.

Saudi economic reforms launched in 2016 aimed to create millions of jobs and reduce the unemployment rate to 7% by 2030.

But the new coronavirus outbreak has hit the kingdom hard and its impact on oil demand and oil prices has eaten into state revenues.

Business conditions in the non-oil private sector also deteriorated, worsening for the fourth straight month in June as measures to contain the coronavirus eroded consumer demand, a survey showed on Sunday.

Employment in the private sector in June fell at a record pace as firms shed jobs to reduce costs. (Full Story)

 

 

Ahsan Baig

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

The Canadian Securities Institute

CANADIAN SECURITIES COURSE - Inside Financial Markets

CSI is part of Moody's Analytics Learning Solutions, which offers educational programs and credentials throughout the world.

Email Newsletter

Subscribe to receive inspiration, news, and ideas in your inbox.