Saudi Arabia unemployment rate rises to 12.7%

Saudi Arabia's unemployment rate rose to 12.7 percent in the first quarter of 2017, continuing its steady climb as the economy grapples with the fallout of low oil prices, official data shown.

The rising number of unemployed highlights the immense challenge Riyadh faces in meeting pledges to create jobs for its nationals amid a protracted economic slowdown.

The jobless rate is now more than a full percentage point above where it stood in the same quarter of last year, when Crown Prince Mohammed bin Salman announced his Vision 2030 reform plan to diversify the economy beyond oil.

According to the Saudi Press Agency, the latest statistics show that the total number of Saudis seeking jobs is 906,552, of which around 219,000 are men and 687,500 are women.The plan aims to cut the unemployment rate to seven percent by 2030, among a raft of other targets.

UCJ, UNILORIN.