The labor force participation rate among Saudi women climbed to 36.3 per cent, while their unemployment rate dropped to 10.5 per cent
Oil activities were down 11.2 per cent in the first quarter versus the previous year, while non-oil GDP grew 3.4 per cent year on year
The statistics authority estimated that oil activities plunged by 10.6 per cent in the first quarter compared to the same period a year ago
The latest data shows that the economy contracted by 4.3 per cent in Q4 2023 after a 16.2 per cent year-on-year decrease in oil activities
The preliminary data shows that Saudi Arabia’s economy contracted at a slower pace in Q4 2023 after a decline of 4.4 per cent in the previous quarter
The statistics authority said rental prices increased by 9 per cent in December 2023
The unemployment rate for female citizens fell to 15.7 per cent, from 19.3 per cent a year ago
Citizen unemployment peaked at over 15 per cent at the height of the pandemic in mid-2020 and has since fallen almost every quarter
Saudi Arabia increased its value-added tax from 5 per cent to 15 per cent on July 1
The exodus comes after more than 277,000 expats left their jobs in the fourth quarter