Q4 growth broadly in line with Consensus: According to a preliminary estimate, GDP grew 0.5% on a calendar- and seasonally...
Economic Growth in Saudi Arabia
Saudi Arabia's GDP growth over the last decade partly tracked OPEC decisions on oil output, given the importance of the oil sector to GDP. The COVID-19 pandemic caused a sharp contraction, but recovery was underway by 2022, driven by the lifting of pandemic restrictions and successful economic diversification efforts boosting the non-oil economy. However, tough OPEC oil output cuts caused the economy to return to contraction in 2023 and to remain subdued in 2024, despite a buoyant non-oil sector.
In the year 2024, the economic growth in Saudi Arabia was 1.81%, compared to 4.02% in 2014 and 0.54% in 2023. It averaged 3.05% over the last decade. For more GDP information, visit our dedicated page.
Saudi Arabia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Saudi Arabia from 2014 to 2025.
Source: Macrobond.
Saudi Arabia GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -3.8 | 6.5 | 12.0 | 0.5 | 2.6 |
| GDP (USD bn) | 767 | 982 | 1,237 | 1,218 | 1,253 |
| GDP (SAR bn) | 2,880 | 3,685 | 4,647 | 4,570 | 4,703 |
| Economic Growth (Nominal GDP, ann. var. %) | -13.6 | 28.0 | 26.1 | -1.7 | 2.9 |
| Economic Growth (GDP non-Oil, ann. var. %) | -1.7 | 8.9 | 10.7 | 4.7 | 5.5 |
| Economic Growth (GDP Oil, ann. var. %) | -7.4 | 2.0 | 14.5 | -9.0 | -4.4 |
Economic growth increases in the last quarter of 2025
Solid Q4 GDP growth: According to a preliminary reading, Saudi Arabia's GDP increased 4.9% on a year-on-year basis in Q4, following a 4.8% expansion in the previous quarter. In seasonally and calendar-adjusted quarter-on-quarter terms, the economy grew 1.1% in Q4, following a 1.4% increase in the previous quarter.
Oil sector drives economic growth: Compared to the prior quarter, the reading in Q4 improved for the oil sector (10.4% in year-on-year terms vs 8.3% in Q3). In contrast, readings in Q4 worsened for the private non-oil sector (4.1% vs 4.3% in Q3) and government non-oil activities (-1.2% vs 1.4% in Q3). The oil sector contributed significantly to economic growth in Q4, following the easing of production restrictions that Saudi Arabia had previously imposed in coordination with its OPEC+ partners.
GDP growth to stabilize in 2026: Our panelists expect GDP growth in 2026 to be roughly the same as in 2025. OPEC+’s decision to extend the pause on planned oil ouput hikes through March 2026 is likely to be a key factor contributing to this slowdown. Still, the economy remains on a strong trajectory, with growth of non-oil GDP set to keep rising at an upbeat pace in 2026 as the government continues to diversify the economy away from oil.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian GDP projections for the next ten years from a panel of 31 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Saudi Arabian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian GDP projections.
Want to get access to the full dataset of Saudi Arabian GDP forecasts? Send an email to info@focus-economics.com.
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