Saudi citizens are living through a prosperous economic era, which began 11 years ago.
During these years, the Kingdom has achieved massive economic leaps, placing it in the global economic standing it deserves.
On the 11th anniversary, the Saudi economy continues to strengthen its position as one of the world’s most stable and growing economies, driven by a sustained commitment to diversifying income sources.
This direction has contributed to notable growth in non-oil sectors, leading to an expanded role for the private sector, increased capacity for creating new job opportunities, and attracting investments. Consequently, the contribution of non-oil activities to real GDP has reached record levels.
Real GDP Growth for 2024
The Kingdom’s real Gross Domestic Product increased by 13% in 2024 compared to the previous year, driven by broad growth across various economic activities, with non-oil activities achieving the highest growth rates.
Real Non-Oil GDP Growth
Real non-oil GDP rose by 3.9% during 2024 compared to 2023, resulting from continued expansion in investments within non-oil sectors. The growth rate of these activities reached 4.3%, reflecting the success of economic policies in supporting diversification and stimulating sustainable growth.
Impressive Figures in the Saudi Economy
Unemployment Rate
The unemployment rate among Saudis decreased to 7% in 2024, achieving the 2030 target of 7%. This is an improvement compared to 12.3% at the end of 2016, resulting from opportunities generated by the expansion of economic sectors.
Saudi Private Sector PMI (Non-Oil)
The index averaged 58.1 points in the fourth quarter of 2024, recording a value of 58.4 points in December, due to developments during the year and driven by an increase in new orders.
Foreign Direct Investment
77.6 billion Saudi Riyals, the value of foreign direct investment inflows into the Kingdom’s economy up to the fourth quarter of 2024.
Relative Stability in Inflation Levels
The inflation rate at the end of 2024 was 1.7%, among the lowest in the G20 countries, resulting from efforts to achieve an economic policy that balances economic growth and healthy inflation rates for the economy.
Positive Growth Outlook for the Saudi Economy
International Monetary Fund Projections:
2025: 3%
2026: 3.7%
World Bank Projections:
2025: 3.4%
