Saudi Arabia economy

Saudi Arabia economic indicators at a glance

Oil remains the most important contributor to Saudi Arabia’s GDP although the kingdom’s investment, economic diversification and development programme – Vision 2030 – is easing its reliance on hydrocarbons. 

Financial services, tourism, manufacturing and petrochemicals are among Saudi Arabia’s leading non-oil sectors.

Saudi Arabia GDP

Below is an overview of Saudi Arabia’s GDP, including key indicators such as nominal GDP, GDP per capita and GDP growth. These show the size of Saudi Arabia’s economy and the pace of economic expansion.

Saudi Arabia nominal GDP

Saudi Arabia GDP per capita

As the GDP per capita and nominal GDP data shows, Saudi Arabia’s economy contracted in 2020 – due to the Covid-19 pandemic – and again in 2023 after the country reduced its oil production by 25 percent as part of Opec+ agreements.

Nominal GDP rose in 2024 and is forecast to expand further in 2025 and beyond, driven by oil revenues, fiscal policies and the country’s diversification efforts under Vision 2030.

Saudi Arabia GDP growth

Saudi Arabia’s non-oil GDP has been relatively steady since 2023, reflecting the country’s Vision 2030-led economic diversification efforts. Saudi oil GDP has fluctuated because of changes in production levels and crude prices.

Saudi Arabia oil breakeven prices

Increased state spending led Saudi Arabia’s breakeven oil price to rise by nearly more than one-fifth from 2020 to 2024, although it is forecast to fall in 2025.

Saudi Arabia inflation

Saudi Arabia’s annual inflation rate has been steady since 2022 and should remain within the target range of about 2 percent until 2027 at least. 

Saudi Arabia debt & current account balance

Saudi Arabia’s net borrowing peaked at 10.2 percent of GDP in 2020 as oil revenue plunged because of the Covid-19 pandemic. The country posted a surplus in 2022 and is expected to post annual deficits of around 3.7 percent of GDP from 2025 onwards.

Government gross debt is projected to rise steadily as Saudi Arabia increases infrastructure spending as part of its economic diversification efforts. State debt is expected to be 34.4 percent of GDP in 2027.

Saudi Arabia’s current account balance recovered to a surplus of more than $150 billion in 2022, from a deficit of $25.5 billion in pandemic-affected 2020, but returned to negative territory in 2024. The IMF forecasts current account deficits in 2025, 2026 and 2027.

Saudi Arabia trade

Global and regional economic changes have affected Saudi trade. Following modest growth in 2018, Saudi Arabia’s goods and services exports contracted because of the Covid-19 pandemic. Imports also plunged in 2020.

Both imports and exports grew in 2021 and 2022. In 2023 and 2024 exports shrunk slightly as a result of lower oil production and a downturn in the petrochemicals industry.

Saudi Arabia’s top 10 trade partners

Saudi Arabia’s top exports include oil, plastics and organic chemicals and its top imports include machinery, vehicles and electronic equipment.

Saudi Arabia foreign direct investment

Attracting more foreign direct investment is central to Saudi Arabia’s Vision 2030 programme to diversify and develop its non-oil economy. 

Yet annual inward FDI has been volatile, rising from $1.6 billion in 2020 to $28.4 billion in 2021. It has since fallen below $20 billion.

Saudi Arabia credit ratings

Saudi Arabia’s sovereign ratings reflect its creditworthiness and economic stability. All three major ratings agencies give the country an investment-grade rating, indicating 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 third in the six-member GCC.

Saudi Arabia population

Saudi Arabia life expectancy

Saudi Arabia’s average life expectancy was rising before a brief decline due to the Covid pandemic. Population growth stalled during the same period, but has been above 4 percent annually since 2022. Almost a quarter of the population – roughly 8.4 million people – is under the age of 15.

Expats in Saudi Arabia

Saudi Arabia expats’ country of origin

Expat residents’ proportion of the total population of Saudi Arabia increased by 8 percentage points between 2000 and 2024.

More than 2.3 million migrants from Bangladesh live in Saudi Arabia and almost 2.2 million (over 90 percent) of these are male.

Saudi Arabia employment

The unemployment rate in Saudi Arabia increased in 2018 and again in Covid-affected 2020.

Government initiatives to raise Saudi nationals’ participation in the private sector and to bring more women into the workforce have helped reduce the unemployment rate to below pre-pandemic levels. 

Education in Saudi Arabia

Saudi Arabia has taken part in the past two Pisa assessments. Its students’ performance in reading, maths and science is below the OECD average. These figures highlight the need for additional investment in education and further reforms in teaching practices.

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 14, 2025