Saudi Arabia’s unemployment rate drops to 12.7%

Saudi Arabia’s unemployment rate drops to 12.7%
The data was derived from labor force survey estimates and market data from bodies such as the Ministry of Labor and Social Development (pictured) and the Ministry of Civil Service. (File photo/SPA)
Updated 02 April 2019

Saudi Arabia’s unemployment rate drops to 12.7%

Saudi Arabia’s unemployment rate drops to 12.7%

JEDDAH: The unemployment rate in Saudi Arabia fell to 12.7 percent in the fourth quarter of 2018, according to official data published on Sunday by the General Authority for Statistics.
A quarterly bulletin indicated a slight improvement in the rate, which stood at 12.8 percent in the third quarter of last year.
The unemployment rate among Saudi males stood at 6.6 percent, compared to 32.5 percent among Saudi females during the fourth quarter.
The bulletin’s information is derived from labor force survey estimates and market data from bodies such as the Ministry of Labor and Social Development and the Ministry of Civil Service. 
The bulletin indicated that the total number of Saudi employees in the Kingdom has reached 3,111,199. 
It also showed that the number of Saudis seeking work reached 970,229 during the forth quarter, according to data from government agencies’ administrative records.


Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
Updated 17 January 2021

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
  • The bank expects economic growth of 6.6% in 2021
  • Biden outlined a $1.9 trillion stimulus package proposal on Thursday

Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden’s fiscal stimulus plan will hasten the economy’s recovery from the COVID-19 pandemic.
The bank expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published on Saturday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.
Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
“Larger boosts to disposable income and government spending imply stronger growth later in the year,” the bank’s analysts wrote.