Saudi Arabia: Unemployment falls and ratings rise as kingdom realigns its priorities

Risk Management Reports
Issue 1168 - 05 May 2023 | 3 minute read

Risk Grade B↓2

Falling unemployment: The unemployment rate for Saudi nationals fell to 8% in Q4 2022 from 9.9% in Q3 22, according to data released by the General Authority for Statistics (Gastat) in early April. The female jobless rate fell from 20.5% to 15.4% over the same period. The Medina region had the highest rate of unemployment among Saudis at 12.2%, followed by Jazan at 11%. Riyadh had the lowest level at 6.7%, with Eastern Province at 6.9% and Mecca at 7%. 

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Risk Management Report grades

GSN risk grades are intended to provide a broad guide to political and economic stability.

Political risk
Rated according to six grades, from A (most stable) to F (failed state).

Economic and financial risk
Graded from 1 (wealthiest/most sound financials) to 6 (bankrupt).

The grades are intended only to offer an immediate gauge of where risk stands in the regional pecking order. An A or 1 grade does not mean the polity is devoid of risk.

To provide a degree of nuance, risk grades also use trends arrows which go upwards (↑) or downwards () to denote cases where momentum is positive or negative.

The grades do not change regularly: upgrades and downgrades are intended to reflect long-term trends or the impact of an exceptionally changed situation.