General Authority for Statistics (GASTAT) released on Wednesday, 19 October 2022 the results of the Real Estate Price Index for Q3 of 2022, and published it on its official website www.stats.gov.sa  The Publication’s results indicated a 1.5% increase in the general real estate price index for Q3 of 2022, compared to the same quarter of the previous year 2021, mainly due to the increase in residential real estate prices of +2.5%.   According to the Publication’s results, the increase in residential land prices largely affected the increase in real estate prices in Q3 of 2022, compared to Q2 of 2021. Residential sector recorded a 2.5% increase affected by a 2.6% increase in the residential land plots prices, on an annual basis in Q3 of 2022, due to its high relative importance in the general index. Among other residential real estate prices, the prices of villas and apartments increased by 0.2% and 1.0% respectively, whereas houses decreased by 0.7%.  However, the prices of residential buildings stabilized and did not record any significant changes. Commercial sector recorded a 0.4% decrease, due to the decrease in the prices of commercial lands plots by -0.4%. The prices of galleries also decreased by 1.5%, while the prices of commercial centers increased by 0.2%. On the other hand, the commercial buildings prices stabilized and did not record any significant changes. Agriculture sector decreased by 0.6% affected by the decrease in agriculture land prices by -0.6%. It is worth noting that GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It carries out all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, analyzes data and information, in addition to documenting and archiving all works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources. Data are written, classified, and analyzed; their indicators are extracted as well.

The Saudi Arabia Ministry of Economy and Planning (MEP) and the General Authority for Statistics (GASTAT) signed a Memorandum of Understanding (MOU) to enhance the use of data in the development of economic policies. The MOU establishes a framework for data and knowledge sharing between the two partners, as well as sharing enhanced statistical, scientific, and economic analysis. The agreement was signed by His Excellency Eng. Ammar Nagadi, the Vice Minister of Economy and Planning, and Dr. Fahad Aldossari, President of GASTAT. Commenting on the MOU, His Excellency Faisal Alibrahim, Minister of Economy and Planning and Chairman of GASTAT said “Both the Ministry and GASTAT are committed to supporting the public and private sector in achieving the goals of Saudi Vision 2030. A deep understanding of our data is key to ensure we are pulling the right levers to drive the Kingdom’s economic diversification journey and facilitating economic growth for all.” Alibrahim added “This agreement is a key milestone in our strong, and essential, partnership. It will enable us to publish a range of statistics, indicators, and products to support and empower policy and decision makers as well as assist the public in understanding policy priorities.” Dr. Fahad Aldosari, President of the General Authority for Statistics, said: “This agreement consolidates the framework of cooperation between the Ministry and GASTAT and ensures we are delivering access to high-quality and reliable data on which future decisions for developing procedures and policies that will help us achieve the ambitions of the Saudi Vision 2030”. The MOU comes as part of the efforts of MEP and GASTAT to support the development of statistical work and provide a new statistical dimension in the Kingdom, by benefiting from scientific and knowledge expertise in a way that contributes to achieving the goals of the Saudi Vision 2030.

On Thursday September 29, 2022, the General Authority for Statistics (GASTAT) issued the Labor Market Publication for the second quarter of 2022, on its official website www.stats.gov.sa According to the Publication results, the Saudi unemployment rate has decreased to 9.7% in the second quarter of 2022, compared to 10.1% in the first quarter of 2022. The total unemployment rate (for Saudis and non-Saudis) has decreased to 5.8% in the second quarter, compared to 6.0% in the first quarter of 2022. The unemployment rate for Saudi females has also decreased in the second quarter of 2022, reaching 19.3% compared to 20.2% in the previous quarter, and the unemployment rate for Saudi males has decreased in the second quarter of 2022, reaching 4.7% compared to 5.1% in the previous quarter. The labor force indicators in the second quarter of 2022 showed an increase in the total labor force participation rate (for Saudis and non-Saudis) as it has reached 60.8% compared to 60.4% in the first quarter of 2022.The Saudi labor force participation rate has also increased in the second quarter of 2022, reaching 51.8% compared to 50.1% in the previous quarter. The Labor Market Publication results for the second quarter of 2022 indicated an increase in the labor force participation rate for Saudi females in the second quarter of 2022, reaching 35.6% compared to 33.6% in the previous quarter. The labor force participation rate for Saudi males has also increased in the second quarter of 2022, reaching 67.5% compared to 66.0% in the previous quarter. GASTAT indicated that the Labor Market Publication's results depend on a household survey conducted by GASTAT that falls under the classification of (social statistics). In this survey, the information is collected through a sample representing households from the administrative regions in Saudi Arabia, and an electronic questionnaire containing a number of questions. This survey provides estimates and indicators related to the labor force of the working-age population of the age group (15 years and over) who settle in the Kingdom of Saudi Arabia. It also provides an estimate of the population (inside and outside the labor force), as well as calculating the most important labor market indicators, such as the unemployment rate, labor force participation rate, and others.