Saudi Arabia Macroeconomic Developments
- According to the National Labor Observatory, 1.06 million workers joined the private sector labor market in 2023, with women constituting 37 percent of the total, representing a 2 percent increase from 2022.
- Saudi Arabia’s overall unemployment rate dropped to 4.4 percent in the fourth quarter of 2023, marking a decrease of 0.4 percent YoY. Unemployment among Saudi nationals stood at 7.7 percent in the fourth quarter of 2023, indicating a decrease of 0.3 percent YoY.
- Point-of-sale (POS) payments in Saudi Arabia recorded an 11 percent annual increase in January to reach SAR53.8 billion ($14.35 billion), according to SAMA. The largest portion of POS spending in January was allocated to beverages and food, comprising 16 percent of the total at SAR8.44 billion ($2.3 billion).
