Saudi Arabia's GDP changed from approximately $164B 540M in 1980 to $1T 106B in 2024, showing an overall 572.2% sharply increased during the period.
The lowest GDP was recorded in 1987 at $85B 582M, and the highest in 2022 at $1T 108B.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.4%.
For comparison, the average annual growth rate of Iran was 3.7%, and that of Qatar was 8.5%.
Overview of Saudi Arabia's GDP (1980–2024)
The Gross Domestic Product (GDP) of Saudi Arabia recorded a 572.2% sharply increased from 1980 to 2024.
The average GDP during this period was $396B 467M, and the median was $189B 605M.
GDP fluctuated within a range of $1T 22B, with a standard deviation of $321B 513M.
The average annual change was $22B 260M.
Saudi Arabia GDP from 1980 to 2024
The total market value of goods and services produced annually in Saudi Arabia.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
Highest and Lowest GDP Records
- Lowest GDP: 1987, $85B 582M
- Highest GDP: 2022, $1T 108B
- Most Recent GDP: 2024, $1T 106B
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Saudi Arabia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $838B 564M → $734B 271M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $415B 687M → $429B 97M
- Outcome: increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $189B 514M → $184B 137M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $165B 742M → $146B 775M
- Outcome: sharply declined
Key Economic Indicators of Saudi Arabia (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 164B 540M | $ 19,543.40 | $ 49,608.63 | $ 417B 665M | 5.653 % | 25.224 % | 46.13 % | 0 % | 8M 419K people |
1981 | $ 184B 292M | $ 20,846.23 | $ 52,718.91 | $ 466B 64M | 1.943 % | 21.503 % | 42.58 % | 0 % | 8M 841K people |
1982 | $ 153B 240M | $ 16,507.69 | $ 42,257.89 | $ 392B 279M | -20.73 % | 4.944 % | 25.66 % | 0 % | 9M 283K people |
1983 | $ 129B 180M | $ 13,252.61 | $ 35,107.10 | $ 342B 208M | -16.051 % | -13.045 % | 8.75 % | 0 % | 9M 748K people |
1984 | $ 119B 631M | $ 11,687.98 | $ 33,025.84 | $ 338B 31M | -4.661 % | -15.381 % | 12.16 % | 0 % | 10M 235K people |
1985 | $ 103B 894M | $ 9,666.72 | $ 29,268.44 | $ 314B 565M | -9.794 % | -12.447 % | 5.01 % | 0 % | 10M 748K people |
1986 | $ 86B 886M | $ 7,698.92 | $ 33,272.21 | $ 375B 492M | 17.013 % | -13.564 % | 3.15 % | 0 % | 11M 285K people |
1987 | $ 85B 582M | $ 7,221.94 | $ 30,317.98 | $ 359B 276M | -6.632 % | -11.404 % | 4.90 % | 0 % | 11M 850K people |
1988 | $ 88B 138M | $ 7,083.16 | $ 33,809.76 | $ 420B 705M | 13.109 % | -8.317 % | 12.48 % | 0 % | 12M 443K people |
1989 | $ 95B 217M | $ 7,287.35 | $ 33,292.68 | $ 435B 3M | -0.503 % | -10.004 % | 9.44 % | 0 % | 13M 66K people |
1990 | $ 117B 474M | $ 8,562.26 | $ 37,890.01 | $ 519B 847M | 15.193 % | -3.53 % | 12.15 % | 0 % | 13M 720K people |
1991 | $ 132B 47M | $ 9,143.22 | $ 42,797.93 | $ 618B 89M | 15.008 % | -20.833 % | −0.85 % | -4.371 % | 14M 442K people |
1992 | $ 136B 905M | $ 9,242.61 | $ 44,380.76 | $ 657B 383M | 3.987 % | -12.941 % | 10.02 % | -7.77 % | 14M 812K people |
1993 | $ 132B 789M | $ 8,740.69 | $ 43,692.71 | $ 663B 786M | -1.364 % | -12.987 % | 12.07 % | -8.608 % | 15M 192K people |
1994 | $ 134B 994M | $ 8,663.64 | $ 43,753.22 | $ 681B 749M | 0.559 % | -7.758 % | 12.60 % | -6.996 % | 15M 582K people |
1995 | $ 143B 151M | $ 8,957.46 | $ 43,646.07 | $ 697B 518M | 0.212 % | -3.715 % | 16.57 % | -2.781 % | 15M 981K people |
1996 | $ 158B 450M | $ 9,666.92 | $ 44,476.95 | $ 729B 22M | 2.637 % | 0.429 % | 19 % | -0.6 % | 16M 390K people |
1997 | $ 165B 742M | $ 9,858.95 | $ 44,599.71 | $ 749B 778M | 1.104 % | 0.184 % | 18.96 % | 0.152 % | 16M 811K people |
1998 | $ 146B 775M | $ 8,512.49 | $ 45,245.79 | $ 780B 143M | 2.893 % | -8.947 % | 14 % | -7.494 % | 17M 242K people |
1999 | $ 161B 717M | $ 9,144.56 | $ 43,055.24 | $ 761B 408M | -3.763 % | 0.254 % | 21.77 % | -3.142 % | 17M 684K people |
