Economy Saudi Arabia economy The latest economic indicators and demographic trends for Saudi Arabia, including GDP, inflation, oil prices, trade, population, expats, unemployment and more November 20, 2024, 7:09 PM Shutterstock More economic data on the GCC states Bahrain Qatar Kuwait Saudi Arabia Oman UAE For other countries in the region, go to our Mena economic data page Saudi Arabia economic indicators at a glance Despite Saudi Arabia's economy being heavily reliant on oil, non-oil sectors including finance, tourism and manufacturing, and demographic factors such as a growing population are playing increasingly important roles in driving the kingdom's economic trajectory. Saudi Arabia GDP The below provides an overview of Saudi Arabia's GDP, including key indicators such as nominal GDP, GDP per capita and GDP growth. These highlight the size of Saudi Arabia's economy, the wealth distribution among its population, and the pace of economic expansion. Saudi Arabia nominal GDP Saudi Arabia GDP per capita The figures for Saudi Arabia's GDP per capita and nominal GDP show how its economy contracted in 2020 and 2023. Real GDP is now expected to grow in 2025 and beyond, driven by oil revenues, strong fiscal policies and the country's diversification efforts under Vision 2030. Saudi Arabia GDP growth Growth in Saudi Arabia's non-oil GDP has been relatively steady over the past five years, reflecting its ongoing Vision 2030 diversification plans, while the Saudi oil GDP rate has fluctuated. Saudi Arabia oil breakeven prices Saudi Arabia's oil breakeven price has risen consistently in recent years but is forecast to fall in 2025. Saudi Arabia inflation Saudi Arabia's inflation rate has held steady in recent years, with the consumer price index recording small increases, apart from a dip in 2019. Saudi Arabia lending, debt & account balance Saudi Arabia's lending peaked at -10.7 percent of GDP in 2020 due to pandemic-related pressures, but returned to a brief surplus in 2022 and now appears to be stabilising with deficits of around -3 percent from 2024 onwards. Government gross debt is projected to rise steadily, reaching 33.1 percent of GDP by 2027, reflecting continued financing needs. Saudi Arabia's current account balance saw a sharp recovery from a $25.5 billion deficit in 2020 to a $151.5 billion surplus in 2022, but is expected to fall into negative territory after 2024. Saudi Arabia trade Saudi Arabia's trade has experienced significant shifts driven by global and regional economic changes. From modest growth in 2018 and 2019, Saudi Arabia saw a sharp contraction in 2020 due to the pandemic, as exports dropped by -14.5 percent and imports by -16.1 percent. Recovery began in 2021, with exports surging in 2022 – but then the export rate plummeted again in 2023. Imports and exports are projected to grow in 2025 and the years that follow, but at a slowing rate. Saudi Arabia’s top 10 trade partners Saudi Arabia's top exports include oil, plastics and organic chemicals and its top imports include machinery, nuclear reactors and vehicles. Saudi Arabia foreign direct investment Saudi Arabia's foreign direct investment (FDI) is central to its Vision 2030 plans to drive economic diversification beyond oil. However inward and outward FDI into Saudi Arabia have been volatile, significantly increasing in 2021 and 2022, but falling again in 2023. Saudi Arabia sovereign ratings Saudi Arabia's sovereign ratings reflect its strong creditworthiness and economic stability, with high investment-grade ratings from Fitch, Moody's and S&P Global. This indicates confidence in its fiscal management and economic outlook. Saudi Arabia governance Saudi Arabia's score in the Corruption Perceptions Index has fluctuated but it is now joint second best in the GCC. Saudi Arabia population Saudi Arabia life expectancy Saudi Arabia's population rate and life expectancy were generally rising before the Covid pandemic. Both indicators were hit in 2020 and 2021, but are now rising again. Expats in Saudi Arabia Saudi Arabia expats’ country of origin Saudi Arabia's expat population has risen in percentage terms since 2000, but nowhere near as dramatically as in some of its GCC neighbours. More than 2.3 million migrants from Bangladesh live in Saudi Arabia and almost 2.2 million of those are male. Saudi Arabia unemployment rate The unemployment rate in Saudi Arabia increased in 2018 and again in 2020. Since then it has fallen and Saudi unemployment is now lower than pre-pandemic levels. Education in Saudi Arabia Saudi Arabia's performance in reading, maths and science is significantly below the OECD average. These figures highlight the need for continued investment in educational reforms to raise student performance and align more closely with global standards. More economic indicators The UAE All GCC countries Middle East & North Africa The charts and tables on this page are for general information purposes only. AGBI aims to keep the information up-to-date and correct, but makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information. Any reliance you place on such information is therefore strictly at your own risk. All IMF, World Bank and United Nations data on this page is publicly available. The latest IMF World Economic Outlook was published on October 22 2024
