Includes Saudi Arabia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Economic indicators and data sets offering a full view of Saudi Arabia GDP and economy, international trade performance and finance sector. With links to rankings of the country’s best and safest banks. Updated October 2023
Saudi Arabia GDP Driven By Hydrocarbons—For Now
A key oil producer with over 15% of the world’s proven reserves, Saudi Arabia is undergoing a major economic transformation under its Vision 2030 plan. The program aims to diversify the economy away from oil, which accounts for about 60% of its public revenues and 75% of its exports. Accordingly, the government’s focus is raising the quality of human capital, improving public administration efficiency and attracting capital from abroad. It is a bourgeoning transport and logistics hub that links Asia, Europe and Africa, yet some concerns among foreign investors persist regarding transparency, political risk, and state involvement the economy.
Central Bank Leadership
Ayman Al Sayari took the helm as governor of the Central Bank of Saudi Arabia in February 2023, so it is too soon to ….
— read more about Gov. Sayari, his predecessor and other governors in our 2023 Central Banker Report Cards
Saudi Arabia GDP and Economic Overview
Macroeconomy & Sovereign Data
| Total Area | 2,149,690 sq km |
|---|---|
| Type of Government | Absolute Monarchy |
| Capital | Riyadh |
| Total Population | 35.5 million |
| Median Age | 30.6 |
| Adult Per Capita Income (PPP) | USD 88,223 |
| Total GDP | USD 2.3 trillion |
| Central Bank | Central Bank of Saudi Arabia (formerly SAMA) |
| Currency | Saudi riyal (SAR) |
| Sovereign Ratings |
S&P A- Moody’s A1 Fitch A+ |
| International Reserves | USD 402 billion |
| Stock Exchange | Tadawul |
Click here to see our pick for the Best Bank in Saudi Arabia—and all the Middle East
Highs and Lows
The impacts of both the coronavirus pandemic and the Ukraine-Russia war are clearly visible in the above chart contrasting Saudi Arabia’s GDP, inflation and unemployment. Lockdown drove a dramatic dip in both inflation and GDP, until the war-driven oil shock sent petroleum prices—and Saudi Arabia’s GDP—soaring again.
Saudi Arabia
Banking
Goldman Sachs Now In Riyadh
Economics, Policy & Regulation
Saudi Arabia Hits Milestone In Shift Away From Oil Economy
Economics, Policy & Regulation
Saudi Arabia Opens Its Doors
Award Winners
World’s Best Digital Banks 2023—Round 1Trade & Investment
International Trade
| Total Exports | USD 160 billion |
|---|---|
| Leading Exports |
Crude petroleum Refined petroleum Polymers Industrial alcohols Natural gas |
| Major Trade Partners – Exports |
United Arab Emirates China India Egypt Other, unspecified |
| Total Imports | USD 388 billion |
| Leading Imports |
Cars Broadcasting equipment Refined petroleum Packaged medicines Telephones |
| Major Trade Partners – Imports |
China United States United Arab Emirates India Germany |
Click here to find out Saudi Arabia’s best banks.
Saudi Arabia's Leading Companies
| Largest Companies |
Saudi Aramco The Saudi National Bank Saudi Electricity Saudi Telecom Saudi Arabian Mining |
|---|
An Economy Grounded In Strength
Compared to even its strongest regional neighbors, Saudi Arabia shows an economy with a temperate debt burden.
Global Finance Rankings & Awards: Saudi Arabia
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000