Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s overall unemployment rate fell to 3.3 percent in the second quarter of 2024, a 0.2 percent drop QoQ. The unemployment rate also declined by 0.8 percent YoY. The jobless rate among Saudi nationals fell to 7.1 percent, a quarterly drop of 0.5 percent and an annual decline of 1.4 percent.
- Saudi Arabia experienced a 23.4 percent increase YoY in foreign direct investment in the second quarter of this year. Net FDI flow reached SAR11.7 billion ($3.12 billion) in the second quarter of 2024, up from SAR9.5 billion ($2.5 billion) QoQ.
- Saudi Arabia’s leisure tourism sector surged by 656 percent since 2019, welcoming 17.5 million international visitors in 2024, according to the Ministry of Tourism. Between January and July of this year, Saudi Arabia saw 4.2 million visitors seeking entertainment and leisure experiences, a 25 percent increase YoY.
