Saudi unemployment down marginally to 11.3% in Q2 | Reuters
Unemployment in Saudi Arabia declined only marginally to 11.3% in the second quarter from 11.7% in the first three months of the year, official data showed on Thursday, signalling that recovery from the coronavirus crisis has lost some momentum.
Saudi Arabia has been pushing through economic reforms since 2016 to create millions of jobs and aims to reduce unemployment to 7% by 2030, but those plans were disrupted by the COVID-19 pandemic that sent oil prices plummeting.
Unemployment hit a record high of 15.4% in the second quarter last year but it has declined rapidly since then, reaching pre-pandemic levels in the first quarter this year.
The pace of decline slowed down in the second quarter, however, data from the General Authority for Statistics showed on Thursday, while a business survey this month pointed to a sharp drop in output expansion in the private sector. read more
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