Unemployment level among Saudi nationals falls in third quarter
24 January, 2021
The rate of unemployment among Saudi Arabian citizens dropped by 0.5 % through the third quarter as the Arab world's major economy started to reopen following a easing of movement restrictions.
Figures from the overall Authority for Figures showed unemployment eased to 14.9 per cent among the kingdom's citizens. The unemployment fee among Saudi men dropped 0.2 per cent to 7.9 % and among females it fell 1.2 % to 30.2 %.
Overall unemployment on the kingdom dropped 5 % to 8.5 %.
The participation rate of Saudi nationals in the workforce edged up to 49 %, from 48.8 per cent in the prior quarter, the info showed.
Saudi Arabia's economy will continue steadily to recover this year, but "with oil end result being ramped up only little by little and fiscal policy to remain tight, the recovery may very well be slower than in the various other Gulf states", London-structured Capital Economics said on an email on Friday.
The kingdom plans to invest 990 billion riyals ($264bn) next year, 7.5 % significantly less than in 2020, and its own fiscal deficit is defined to narrow to 4.9 % of gross domestic merchandise, King Salman bin Abdulaziz explained when approving its 2021 budget keep going month. It really is forecasting expansion of 3.2 % this year.
Saudi Arabia is set to see a pickup in monetary activity once virus containment steps are eased, especially once worldwide travel resumes by the end of March and pilgrimages go back to complete capacity, Capital Economics said.
It forecasts a more rapid restoration in Gulf states than in the wider Mena area, with the UAE benefiting from a rapid rollout of vaccines, soaring oil outcome and Expo 2020.
"The global rollout of vaccines should find more tourists come back and there will be a further increase when Dubai hosts the World Expo afterwards in the year," Capital Economics said.
Credit conditions in the Emirates are anticipated to tighten, though, as pandemic-related business failures result in an increase found in the number of non-undertaking loans held on lenders' books.
Source: www.thenationalnews.com
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