The Gross Domestic Product (GDP) in Saudi Arabia expanded 0.30 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Saudi Arabia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

The growth of the real gross domestic product (GDP) in Saudi Arabia was forecast to increase between 2024 and 2029 by in total two percentage points. This overall increase does not happen continuously, notably not in 2026, 2027 and 2028. The growth is estimated to amount to 3.5 percent in 2029. This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Iran, Iraq, and United Arab Emirates.

Key information about Saudi Arabia Real GDP Growth

• The Gross Domestic Product (GDP) in Saudi Arabia contracted 3.7 % YoY in Dec 2023, following a negative growth of 4.4 % in the previous quarter.
• Real GDP Growth YoY data in Saudi Arabia is updated quarterly, available from Mar 2011 to Dec 2023, with an average rate of 2.8 %.
• The data reached an all-time high of 14.6 % in Sep 2011 and a record low of -7.4 % in Jun 2020.

• In the latest reports, Nominal GDP of Saudi Arabia reached 267.9 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 1.0 % in Mar 2023.
• GDP Per Capita in Saudi Arabia reached 34,441.1 USD in Dec 2022.
• Its Gross Savings Rate was measured at 37.4 % in Mar 2024.
• For Nominal GDP contributions, Investment accounted for 30.7 % in Mar 2023.
• Public Consumption accounted for 22.3 % in Mar 2024.
• Private Consumption accounted for 40.3 % in Mar 2024.

The forecasted gross domestic product growth in Saudi Arabia for 2021 was 2.9 percent, compared to minus 2.3 percent in 2020 following the COVID-19 pandemic. Amongst the ten leading oil producing Arab countries, Saudi Arabia was the fifth strongest economy.

Full Year GDP Growth in Saudi Arabia increased to 1.30 percent in 2024 from -0.80 percent in 2023. This dataset includes a chart with historical data for Saudi Arabia Full Year Gdp Growth.

Key information about Saudi Arabia Nominal GDP Growth

• Saudi Arabia Nominal GDP Growth was reported at 0.801 % in Dec 2024.
• This records a decrease from the previous number of 1.031 % for Sep 2024.
• Saudi Arabia Nominal GDP Growth data is updated quarterly, averaging 7.239 % from Mar 2004 to Dec 2024, with 84 observations.
• The data reached an all-time high of 49.034 % in Jun 2008 and a record low of -30.627 % in Jun 2009.
• Saudi Arabia Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

Graph and download economic data for Non-Oil Real GDP Growth in Constant Prices for Saudi Arabia (SAUNGDPXORPCHPT) from 2000 to 2025 about non-oil, Saudi Arabia, REO, real, GDP, and rate.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The timeline shows the gross domestic product of Saudi Arabia from 1987 to 2023, with projections up until 2029. In 2023, Saudi Arabia's gross domestic product (GDP) amounted to approximately 1,067.58 billion U.S. dollars. Saudi Arabia's oil and economy The gross domestic product of Saudi Arabia is predicted to fall below previous values from 2015 on. This is likely due to falling crude oil prices in the region, which are almost half of what they were in 2014. As the country is home to the second largest share of oil reserves in the world and among the countries with the largest percentage of proved natural gas reserves the economy has become largely dependent on income from these resources and changing market prices directly affect the economy. Due to falling prices, the ratio of government expenditure in Saudi Arabia in relation to GDP has increased by almost 8 percent compared to previous years, leaving the country with a budget deficit and increasing national debt, as Saudi Arabia tries to make up for the losses to its largely oil-based economy. If oil and gas prices remain low, Saudi Arabia will need to reduce its capital spending. However, it is unlikely that gas and oil prices will remain low for a considerable amount of time and in the meantime, other counties are enjoying slumps in gasoline prices at the pump.

The Gross Domestic Product (GDP) in Saudi Arabia was worth 1067.58 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Saudi Arabia represents 1.01 percent of the world economy. This dataset provides - Saudi Arabia GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Economic growth is central to economic development. When national income grows, real people benefit. While there is no known formula for stimulating economic growth, data can help policy-makers better understand their countries' economic situations and guide any work toward improvement. Data here covers measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). It also includes indicators representing factors known to be relevant to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports.

Saudi Arabia SA: GDP: Growth data was reported at -0.735 % in 2017. This records a decrease from the previous number of 1.671 % for 2016. Saudi Arabia SA: GDP: Growth data is updated yearly, averaging 3.652 % from Dec 1969 (Median) to 2017, with 49 observations. The data reached an all-time high of 58.647 % in 1970 and a record low of -20.730 % in 1982. Saudi Arabia SA: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Saudi Arabia – Table SA.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

GDP Growth Non Oil Sector in Saudi Arabia increased to 4.40 percent in the second quarter of 2024 from 3.40 percent in the first quarter of 2024. This dataset includes a chart with historical data for Saudi Arabia GDP Growth Non Oil Sector.

The real gross domestic product growth in Saudi Arabia in 2020 following the COVID-19 pandemic was minus 4.1 percent with an expected growth of four percent in 2022. Among the Middle East and North Africa (MENA) region, Oman had the highest expected real GDP growth rate in 2022 at 7.4 percent.

In Saudi Arabia, the contribution of real oil gross domestic product to the overall GDP growth was 3.1 percent in 2018. The trade dispute between the US and China affected Saudi Arabia's oil sector. It resulted in a decline in the oil sector growth in 2019 due to the decrease in prices caused by the trade war.

Saudi Arabia SA: GDP: Growth: Final Consumption Expenditure: General Government data was reported at 0.840 % in 2017. This records an increase from the previous number of -17.329 % for 2016. Saudi Arabia SA: GDP: Growth: Final Consumption Expenditure: General Government data is updated yearly, averaging 3.685 % from Dec 2001 (Median) to 2017, with 17 observations. The data reached an all-time high of 16.609 % in 2011 and a record low of -17.329 % in 2016. Saudi Arabia SA: GDP: Growth: Final Consumption Expenditure: General Government data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Saudi Arabia – Table SA.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth of general government final consumption expenditure based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. General government final consumption expenditure (general government consumption) includes all government current expenditures for purchases of goods and services (including compensation of employees). It also includes most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

In Saudi Arabia, the real oil gross domestic product growth (GDP) decreased in the first quarter of 2019 to reach one percent, and negative three percent in the second quarter. The decline was due to the lowered production following the OPEC+ agreement and the reduction in world oil prices. Also, the trade war decreased the global oil demand and increased the volatility of its price.

In Saudi Arabia, the contribution of real oil gross domestic product to the overall GDP growth was -1 percent during the first half of 2019. The trade dispute between the US and China affected Saudi Arabia's oil sector. It resulted in a decline in the oil sector growth in 2019 due to the decrease in prices caused by the trade war.

In Saudi Arabia, the real non-oil gross domestic product growth (GDP) in the first quarter of 2019 amounted to 2.1 percent, and 2.9 percent in the second quarter. The increase is mainly due to the improving economic activities and the development of non-oil revenue projects such as the construction sector that observed growth for the first time during the past three years.