Overview:
Saudi Arabia, the largest economy in the Arab world, is undergoing a transformative phase driven by its ambitious Vision 2030 plan. Historically reliant on oil, the Kingdom is diversifying into sectors like tourism, renewable energy, technology, and manufacturing. Non-oil sectors now contribute over 50% of GDP.
Demographically, Saudi Arabia has a young, tech-savvy population, with a median age of 29. Over 60% of citizens are under 35, creating both opportunities (a dynamic workforce) and challenges (youth unemployment).
While Vision 2030 reforms—including megaprojects like NEOM and regulatory easing—are attracting foreign investment, risks persist, including oil market volatility and geopolitical tensions. The Kingdom’s blend of demographic vitality and economic reinvention positions it as a pivotal player in shaping the Middle East’s future.
KSA Economic Outlook:
Saudi Arabia Gross domestic product (GDP) 2011-2024 (Billion $):
Saudi Arabia GDP Data:
2011: $676.53 Billion
2012: $741.87 Billion
2013: $753.87 Billion
2014: $766.67 Billion
2015: $669.60 Billion
2016: $665.87 Billion
2017: $714.93 Billion
2018: $838.67 Billion
2019: $838.67 Billion
2020: $734.40 Billion
2021: $868.53 Billion
2022: $1,108.27 Billion
2023: $1,067.47 Billion
2024: $1,085.33 Billion
The data illustrates the fluctuations in Saudi Arabia’s Gross Domestic Product (GDP) from 2011 to 2024. Starting at $676.53 billion in 2011, the GDP generally showed an upward trend in the early part of the period, reaching a peak of $766.67 billion in 2014. This was followed by a noticeable decline in 2015 and 2016, with the GDP dropping to around $665 billion. A recovery phase began in 2017, leading to a significant surge in 2018 and 2019, where the GDP stabilized at around $838 billion. The impact of global events is evident in the 2020 dip to $734.40 billion, but the economy rebounded strongly in subsequent years, peaking at $1,108.27 billion in 2022. While there was a slight decrease in 2023, projections indicate a return to growth in 2024, with an estimated GDP of $1,085.33 billion.
This GDP trend reflects the volatility often associated with economies heavily reliant on oil prices. The initial growth from 2011 to 2014 likely benefited from relatively high oil prices. The subsequent decline in 2015-2016 corresponds with a sharp drop in those prices, demonstrating the sensitivity of Saudi Arabia’s economy to the energy sector. The recovery and subsequent growth suggest diversification efforts and a potential shift towards other sectors, although oil remains a critical factor. The 2020 downturn is attributable to the global pandemic and the associated decrease in oil demand. The strong rebound indicates the economy’s resilience and the impact of economic reforms and fiscal policies. The projected growth in 2024 suggests continued efforts to diversify and stabilize the economy.
Saudi Arabia’s GDP shows significant fluctuations over the 2011-2024 period, reflecting the country’s heavy dependence on oil markets. After moderate growth from 2011-2014, the economy contracted sharply in 2015-2016 due to global oil price collapse. A recovery phase began in 2017, with substantial growth through 2019, before the COVID-19 pandemic caused another significant decline in 2020. The post-pandemic period saw remarkable expansion, with GDP exceeding $1 trillion for the first time in 2022, representing a 27.6% increase from 2021. This peak was followed by a slight dip in 2023 and modest recovery in 2024, indicating continuing economic resilience despite volatile global energy markets and the kingdom’s ongoing economic diversification efforts under Vision 2030.
Contribution of economic activities to Saudi Arabia GDP
The sector of Crude Petroleum & Natural Gas stands out as the largest contributor, accounting for 22.3% of the GDP, underscoring the significant role of the hydrocarbon industry in the Saudi Arabian economy. Following this, Government Activities represent a substantial portion at 16.2%, indicating the considerable influence of the public sector. Wholesale & Retail Trade, Restaurants & Hotels contribute 10.3%, highlighting the importance of commerce and tourism-related services. Manufacturing excluding petroleum refining accounts for 9.1%, suggesting a growing industrial base beyond the core petroleum sector. Real Estate contributes 6.5%, and Finance, Insurance and Business Services account for 6.0%, both indicating the development of the financial and property markets. Petroleum Refining and Construction have similar contributions at 5.6% and 5.5% respectively, reflecting the downstream activities of the oil industry and infrastructure development. Transport, Storage & Communication contributes 5.2%, essential for economic activity and connectivity. Sectors like Community, Social & Personal Services (3.1%), Agriculture, Forestry & Fishing (2.8%), Electricity, Gas and Water (1.2%), and Other Mining & Quarrying (0.4%) represent smaller portions of the overall GDP.
The dominance of the Crude Petroleum & Natural Gas sector highlights Saudi Arabia’s position as a major global energy producer. However, the significant contributions from sectors like Government Activities, Wholesale & Retail Trade, and Manufacturing indicate a degree of economic diversification. The growing contributions from Finance, Insurance and Business Services and Real Estate suggest a maturing financial system and property market. The relatively smaller shares of Agriculture and Other Mining & Quarrying point to areas with potential for further development.
Saudi Arabia Consumer Price Index (CPI) 2020-2025
The data presents the progression of the Consumer Price Index (CPI) for Saudi Arabia from 2020 to 2025, with a base year likely around 2018. The CPI shows a consistent upward trend throughout this period, indicating a gradual increase in the general price level of goods and services consumed by households in Saudi Arabia. Starting at 101 in 2020, the index has steadily risen, reaching a projected 112.81 in 2025. This signifies that the cost of a representative basket of goods and services is expected to be approximately 12.81% higher in 2025 compared to the base year.
The steady increase in Saudi Arabia’s CPI between 2020 and 2025 suggests a persistent, albeit moderate, inflationary environment. 111.3 to 112.81 (around 1.35%) between 2024 and 2025 to understand the evolving inflationary dynamics.
Saudi Arabia Inflation Rates 2011-2025
2011: 12.2%
2012: 5.1%
2013: -1.6%
2014: 2.1%
2015: 5.3%
2016: 3.6%
2017: -3.1%
2018: 3.1%
2019: -3.6%
2020: -6.7%
2021: 0.2%
2022: 2.5%
2023: 2.3%
2024: 2.0%
2025: 2.0%
The data presents the annual inflation rates for Saudi Arabia from 2011 to 2025, which shows significant volatility throughout the period. In 2011, Saudi Arabia experienced a high inflation rate of 12.2%, which then sharply decreased to 5.1% in 2012. Notably, the country experienced deflation (negative inflation) in 2013 (-1.6%), 2017 (-3.1%), 2019 (-3.6%), and significantly in 2020 (-6.7%). Positive inflation rates were observed in 2014 (2.1%), 2015 (5.3%), 2016 (3.6%), and then a return to positive territory in 2018 (3.1%), 2021 (0.2%), 2022 (2.5%), and 2023 (2.3%). Indicate a stable inflation rate of 2.0% for both 2024 and 2025.
Saudi ArabiaTrade Balance 2017-2025 (Billion $)
2017:
Exports: 221.83 Billion $
Imports: -134,52 Billion $
Trade Balance: 87,31 Billion $
2018:
Exports: 294,37 Billion $
Imports: -137,07 Billion $
Trade Balance: 157,30 Billion $
2019:
Exports: 261,60 Billion $
Imports: -153,16 Billion $
Trade Balance: 108,44 Billion $
2020:
Exports: 173,85
Imports: -138
Trade Balance: 35,85
2021:
Exports: 276,17 Billion $
Imports: -152,84 Billion $
Trade Balance: 123,33 Billion $
2022:
Exports: 411,18 Billion $
Imports: -189,87 Billion $
Trade Balance: 221,31 Billion $
2023:
Exports: 320,01 Billion $
Imports: -206,93 Billion $
Trade Balance: 113,08 Billion $
2024:
Exports: 305,35 Billion $
Imports: -232,03 Billion $
Trade Balance: 73,32 Billion $
2025 (Jan):
Exports: 25,92 Billion $
Imports: -19,37 Billion $
Trade Balance: 6,55 Billion $
Saudi Arabia has consistently maintained a positive trade balance, indicating that the value of its exports has exceeded the value of its imports. However, the magnitude of this surplus has fluctuated significantly.
2017-2019: The trade surplus was substantial, ranging from $87.31 billion in 2017 to a peak of $157.30 billion in 2018, before decreasing to $108.44 billion in 2019. The increase in the trade balance in 2018 was primarily driven by a significant rise in exports, likely due to higher global oil prices. The subsequent decrease in 2019 can be attributed to a fall in export value, despite a relatively stable import figure.
2020: The trade surplus experienced a sharp decline to $35.85 billion. This was mainly due to a significant drop in exports, reflecting the impact of the global economic downturn and decreased oil demand caused by the COVID-19 pandemic. Imports remained relatively stable compared to previous years.
2021-2022: The trade balance rebounded strongly, reaching $123.33 billion in 2021 and a remarkable $221.31 billion in 2022. This surge was primarily driven by a substantial increase in exports, likely fueled by recovering global oil demand and higher energy prices. Imports also increased during this period but at a slower pace than exports.
2023-2024: The trade surplus decreased in both 2023 ($113.08 billion) and 2024 ($73.32 billion). While exports remained significant, they decreased from the 2022 peak, and imports continued to rise. This trend could indicate a combination of factors, including fluctuating global oil prices, increased domestic demand for imported goods and services related to economic diversification projects, and potentially a shift in the composition of exports.
2025 (January): The data for January 2025 shows a trade surplus of $6.55 billion. While this is a positive balance, it represents only one month of data and cannot be directly extrapolated to the entire year. However, comparing it to the monthly averages of previous years could provide some initial insights into the potential trade performance for 2025.
Overall, Saudi Arabia’s trade balance is heavily influenced by global oil market dynamics, as crude oil and related products constitute a significant portion of its exports. The increasing trend in imports suggests growing domestic demand, potentially linked to the Kingdom’s ambitious development and diversification plans under Vision 2030. Monitoring the interplay between oil prices, export volumes, and the growth of imports will be crucial in understanding the future trajectory of Saudi Arabia’s trade balance.
Saudi Arabia Foreign Exchange Reserves 2017-2024 (billion $)
Saudi Arabia’s foreign exchange reserves are crucial for a country’s ability to finance international trade, manage its currency’s exchange rate, and absorb economic shocks. The level of Saudi Arabia’s foreign exchange reserves fluctuated throughout this period, showing both increases and decreases.
2017-2019: Growth Phase: The foreign exchange reserves saw a notable increase from $610.81 billion in 2017 to a peak of $691.44 billion in 2019. This growth likely reflects strong oil revenues during this period, contributing to a healthy balance of payments and an accumulation of foreign assets.
2020-2021: Decline: A significant decrease in reserves occurred in 2020 and 2021, falling to $623.93 billion and then further to $542.42 billion, respectively. The sharp decline in 2020 can be largely attributed to the global economic downturn and the significant drop in oil prices due to the COVID-19 pandemic, which reduced Saudi Arabia’s export earnings. The continued decrease in 2021 might reflect ongoing economic adjustments, government spending, or outflows related to investments or managing the economic impact of the pandemic.
2022-2024: Recovery and Growth: The reserves began to recover in 2022, increasing to $561.98 billion. This upward trend continued more strongly in 2023, reaching $609.58 billion, and further in 2024, climbing to $637.84 billion. This recovery is likely driven by the rebound in global oil prices and increased export revenues. Prudent fiscal management and potentially inflows from investments could also have contributed to this growth.
Saudi Arabia Foreign Direct Investment (FDI) 2017-2024 (Billion $)
2017-2020: Volatile but Generally Net Outflow: From 2017 to 2020, Saudi Arabia generally experienced net FDI outflows, meaning the amount of investment leaving the country was greater than the amount entering. Outflows peaked in 2018 at $19.25 billion but were relatively lower in 2017 ($8.17 billion), 2019 ($14.55 billion), and significantly lower in 2020 ($5.41 billion), likely influenced by global economic uncertainties due to the pandemic. Inflows during this period were considerably lower, with a slight peak in 2018 ($12.14 billion) but remaining relatively modest in other years.
2021-2023: Shift Towards Net Inflow: A significant shift occurred from 2021 to 2023, where Saudi Arabia saw net positive FDI inflows. Inflows surged to $28.35 billion in 2021 and remained high in 2022 ($26.71 billion) and 2023 ($22.80 billion). Outflows also increased notably in 2021 ($24.67 billion) and 2022 ($26.53 billion) but were lower in 2023 ($17.34 billion). This period suggests increased attractiveness of Saudi Arabia as an investment destination, potentially driven by the Kingdom’s Vision 2030 initiatives aimed at economic diversification and attracting foreign capital.
2024: Return to Net Outflow: In 2024, the trend reversed again, with outflows ($22.05 billion) exceeding inflows ($15.74 billion), resulting in a net FDI outflow. This single year’s data point suggests that the factors influencing FDI flows can be dynamic and subject to various global and domestic economic conditions.
KSA Demographic Outlook:
Saudi Arabia population 2011-2024 (Millions)
The Saudi Arabian population experienced notable growth between 2011 and 2024. Starting at 25.1 million in 2011, the population steadily increased, reaching a peak of 31.0 million in both 2016 and 2017. This period of significant growth was followed by a slight dip in 2018 and 2019, falling to 30.2 and 30.1 million respectively. However, the population rebounded strongly, surpassing previous highs to reach 35.3 million in 2024. The most significant increases occurred between 2012 and 2013 (1.4 million) and again between 2022 and 2023 (1.5 million), and 2023 and 2024 (1.6 million). The slight decrease in 2018-2019 suggests a possible temporary factor influencing population numbers, after which a strong growth trajectory resumed. Overall, the data indicates a consistent upward trend in Saudi Arabia’s population over the observed 14-year period.
Saudi Arabia has experienced rapid population growth in recent decades due to factors such as increased fertility rates, improved healthcare leading to higher life expectancy, and significant immigration. A large proportion of the population is young, which has implications for the labor market and social services. The country has also seen a high rate of urbanization, with a large percentage of the population living in major cities like Riyadh, Jeddah, and Dammam. Understanding these demographic trends is crucial for the Saudi government in planning for infrastructure, employment, and the overall development of the nation. Recent data from April 2025 estimates the population to be even higher, around 36.96 million, indicating continued growth.
Saudi Arabia population pyramid ( age distribution)
0 – 4 years: 2,505,189
5 – 9 years: 2,780,852
10 – 14 years: 2,640,883
15 – 19 years: 2,336,132
20 – 24 years: 3,048,353
25 – 29 years: 4,188,492
30 – 34 years: 4,181,245
35 – 39 years: 4,047,863
40 – 44 years: 3,141,979
45 – 49 years: 2,127,691
50 – 54 years: 1,500,046
55 – 59 years: 1,101,863
60 – 64 years: 713,187
65 – 69 years: 437,110
70 – 74 years: 239,616
75 – 79 years: 141,769
80 years and over: 168,010
The data reveals that the largest segment of the Saudi Arabian population falls within the 25-29 year (4,188,492) and 30-34 year (4,181,245) age groups, indicating a significant young adult and early middle-aged demographic. The 35-39 year (4,047,863) and 20-24 year (3,048,353) cohorts are also substantial, highlighting a large working-age population.
The younger age groups, 5-9 years (2,780,852) and 10-14 years (2,640,883), are also considerable, suggesting continued population replacement. The 0-4 year (2,505,189) cohort is slightly smaller than the immediate older groups, which could hint at a potential future shift in the age structure.
Moving into older age groups, the numbers steadily decline: 40-44 years (3,141,979), 45-49 years (2,127,691), 50-54 years (1,500,046), 55-59 years (1,101,863), 60-64 years (713,187), 65-69 years (437,110), 70-74 years (239,616), 75-79 years (141,769), and finally 80 years and over (168,010) representing the smallest segment.
This distribution indicates a population pyramid that is broad at the base and in the young to middle-aged sections, narrowing significantly in the older age cohorts. This is characteristic of a population with a relatively high growth rate and a younger demographic profile, although the slightly smaller 0-4 age group compared to older young cohorts might suggest a gradual shift towards an aging population in the long term. The large working-age population has significant implications for the economy, labor force participation, and the demand for various services.
Saudi Arabia average income 2011-2023:
Saudi Arabia Average Income (GDP per capita)
2011: $23,654.32
2012: $25,208.19
2013: $25,481.57
2014: $25,228.19
2015: $21,182.59
2016: $20,290.16
2017: $21,116.88
2018: $23,538.99
2019: $23,173.87
2020: $19,969.04
2021: $23,299.73
2022: $34,440.88
2023: $31,520.00
The average income in Saudi Arabia, when viewed in USD, demonstrates a fluctuating trend between 2011 and 2023. From 2011 to 2014, the average income remained relatively stable in the mid-20,000 USD range, peaking in 2013 at approximately $25,481.57.
A significant drop occurred in 2015 and 2016, with the average income falling to the low 20,000 USD range. This decline likely correlates with fluctuations in global oil prices, as Saudi Arabia’s economy is heavily reliant on oil exports.
A recovery began in 2017, and by 2018 and 2019, the average income had returned to levels similar to the early part of the decade, around the $23,000 USD mark. The onset of the COVID-19 pandemic in 2020 led to another substantial decrease, falling below $20,000 USD.
A strong rebound was observed in 2021, with average income rising back to the mid-$23,000 USD range. Notably, 2022 witnessed a significant surge in average income, reaching an approximate high of $34,440.88 USD. While there was a decrease in 2023 to around $31,520.00 USD, it still remained considerably higher than the levels observed in the preceding decade.
