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.

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 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.

The gross domestic product (GDP) per capita in Saudi Arabia was forecast to continuously increase between 2024 and 2029 by in total 5,243.3 U.S. dollars (+15.95 percent). After the sixth consecutive increasing year, the GDP per capita is estimated to reach 38,124.66 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Bahrain, Oman, and Iran.

Graph and download economic data for Nominal Gross Domestic Product for Saudi Arabia (NGDPNSAXDCSAQ) from Q1 2005 to Q3 2024 about Saudi Arabia and GDP.

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.

General Authority for Statistics provides quarterly Real GDP Growth at 2010 prices.


Related information about Saudi Arabia Real GDP Growth

• 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.

Saudi Arabia GDP: Producer Values: Manufacturing data was reported at 147,907.606 SAR mn in Dec 2024. This records an increase from the previous number of 140,052.943 SAR mn for Sep 2024. Saudi Arabia GDP: Producer Values: Manufacturing data is updated quarterly, averaging 73,310.986 SAR mn from Mar 2003 (Median) to Dec 2024, with 88 observations. The data reached an all-time high of 161,663.474 SAR mn in Jun 2024 and a record low of 21,118.700 SAR mn in Jun 2003. Saudi Arabia GDP: Producer Values: Manufacturing data remains active status in CEIC and is reported by General Authority for Statistics. The data is categorized under Global Database’s Saudi Arabia – Table SA.A014: GDP: by Industry: Current Price.

GDP from Mining in Saudi Arabia decreased to 214655 SAR Million in the fourth quarter of 2023 from 219050 SAR Million in the third quarter of 2023. This dataset provides the latest reported value for - Saudi Arabia Gdp From Mining - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

GDP Constant Prices in Saudi Arabia increased to 931280 SAR Million in the fourth quarter of 2024 from 867097 SAR Million in the third quarter of 2024. This dataset provides the latest reported value for - Saudi Arabia GDP Constant Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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 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.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. General Authority for Statistics provides Nominal GDP in local currency.

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.

Graph and download economic data for Real Gross Domestic Product for Saudi Arabia (NGDPRSAXDCSAQ) from Q1 2010 to Q4 2024 about Saudi Arabia, real, and GDP.

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 ratio of government expenditure to GDP in Saudi Arabia was forecast to continuously decrease between 2024 and 2029 by in total 2.8 percentage points. According to this forecast, in 2029, the ratio will have decreased for the fifth consecutive year to 29.97 percent. This indicator depicts the general government expenditure as a share of the national gross domestic product. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The gross domestic product represents the total value of final goods and services produced during a year.Find more key insights for the ratio of government expenditure to GDP in countries like Israel, Jordan, and Yemen.

Consumption as percent of GDP in Saudi Arabia, December, 2024 The most recent value is 41.69 percent as of Q4 2024, a decline compared to the previous value of 42.82 percent. Historically, the average for Saudi Arabia from Q1 2010 to Q4 2024 is 37.28 percent. The minimum of 26.37 percent was recorded in Q4 2011, while the maximum of 46.18 percent was reached in Q1 2016. | TheGlobalEconomy.com

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 share in the global GDP adjusted for PPP in Saudi Arabia was forecast to continuously increase between 2024 and 2029 by in total 0.04 percentage points. The share is estimated to amount to 1.13 percent in 2029. Depicted here is the share of a country's gross domestic product in the global gross domestic product. As the International Monetary Fund describes, the GDP (indicating the total value of final goods and services produced during a year) has been adjusted for purchasing power parity and set in relation to the purchasing power adjusted global GDP value.Find more key insights for the share in the global GDP adjusted for PPP in countries like Jordan, Qatar, and Kuwait.

Key information about Saudi Arabia Private Debt: % of Nominal GDP

• Saudi Arabia Private Debt accounted for 69.26 % of its Nominal GDP in Dec 2024, compared with a ratio of 67.34 % in the previous quarter
• Saudi Arabia Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 2003 to Dec 2024, with an average share of 41.82 %
• The data reached an all-time high of 69.26 % in Dec 2024 and a record low of 26.00 % in Dec 2003

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. Private Debt is calculated by subtracting the Financial and Insurance Activities from the Total Credits. Saudi Central Bank provides Private Debt in local currency. The General Authority for Statistics provides Nominal GDP in local currency. Private Debt prior to Q3 2021 is calculated from Total Credits less Credits to Finance Sector, and Government and Quasi Government.

The budget balance in relation to the GDP in Saudi Arabia was forecast to continuously increase between 2024 and 2029 by in total 0.2 percentage points. According to this forecast, in 2029, the budget balance will have increased for the fourth consecutive year to -2.84 percent. The indicator describes the general government net lending/borrowing which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.Find more key insights for the budget balance in relation to the GDP in countries like Kuwait, Iran, and Lebanon.