Riyadh: For the first time in the last 10 years, Saudi Arabia saw a record decrease in the unemployment rate, during the second quarter of this year, 112 percent of the total investment targets were also achieved.
According to the Saudi website, the Ministry of Investment said in its statement that the unemployment rate has decreased by 10.1 percent during the first quarter of 2022. The rate is at a record low.
The Ministry of Investment has also released an overview of new economic and investment changes in the country during the second quarter of this year.
According to the Ministry, during the second quarter of this year, 112% of the total investment targets were achieved, 738 billion Rials were invested, which is about 23.6% of the gross national product of 2021.
The kingdom achieved 104% of the country’s investment targets, with investments up to 638 billion riyals. Foreign direct investment reached 72 billion Rials, which is 172% of the set goals in this regard.
According to the data released by the Department of Statistics, 11.8% growth rate of the real gross national product of the kingdom has been recorded in the second quarter of this year.
Oil accounted for 23.1 percent growth and non-oil activities accounted for 5.4 percent growth.
Inflation was recorded at 2.3 percent on an annual basis during the second quarter, with education expenditure increasing by 6.2 percent and food items by 4.3 percent.