In 2022, Saudi Arabia was the fastest-growing G20 economy, with an overall growth of 8.7 per cent, reflecting strong oil production and robust non-oil GDP growth of 4.8 per cent. The progress has been driven by private consumption and non-oil private investment in sectors including wholesale, retail trade, construction, and transport. The trend has continued into 2023, with non-oil growth projected to rise above 5 per cent in the first half of the year. The Saudi unemployment rate has also reached a historic low, falling to 4.8 per cent by the end of 2022 from 9 per cent during the Covid-19 pandemic. The drop reflects a sharp increase in the employment of Saudi nationals in the private sector and an uptick in expatriate workers, primarily in construction and agriculture. Youth unemployment has halved over the past two years to 16 per cent in 2022, and female participation in the labour force has exceeded the Vision 2030 target, reaching 36 per cent in 2022. (ICE RIYADH)

Fonte notizia: Meed