Saudi Arabia GDP per Capita: Overview and Outlook
Current GDP per Capita
Saudi Arabia's GDP per capita currently stands at around USD 35,000.
Historical Changes in Saudi Arabia's GDP per Capita
As with any major oil producer, Saudi Arabia's economic history in the 21st century has been a story of dramatic booms and busts, mirroring the volatile swings in global oil prices. The 2000s saw a massive boom as oil prices surged, leading to a huge increase in national income and funding a significant expansion of the state. Nominal GDP per capita nearly tripled from 2000 to 2012 as a result.
GDP per capita took a hit in the 2010s due to the collapse in oil prices and periods of fiscal austerity. That said, the post-pandemic period saw another boom, with oil prices soaring in 2022, pushing the Kingdom's GDP per capita to a record high. This has been followed by a period of moderation as oil prices have eased and the country has cut crude production.
GDP per Capita Predictions for the Coming Years
A gradual and steady upturn in per capita income is expected for the rest of this decade. Economic diversification efforts will boost non-oil activity and the unwinding of OPEC cuts will boost oil output, which together will spur real GDP. The currency peg to the U.S. dollar will ensure currency stability, while oil prices are forecast to edge up slightly in the coming years, boding well for nominal GDP.
Want to get concrete forecasts for Saudi Arabia's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 9 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
One factor shaping Saudi Arabia's long-term future is the success of its "Vision 2035" agenda that aims to build new, sustainable engines of growth beyond the energy sector. This involves colossal investments in new industries, from tourism and entertainment to mining and logistics, much of it channelled through its Public Investment Fund (PIF). The success of "giga-projects" like the futuristic city of NEOM is central to this vision. If Vision 2035 is successful, that will gird non-oil GDP.
Another key factor is oil prices. Given oil is a key component of GDP, fluctuations in oil prices have a direct impact on Saudi Arabia's GDP per capita in nominal terms; geopolitical shifts and changes in OPEC policy could cause swings in oil prices in the coming years.
Saudi Arabia GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Saudi Arabia from 2014 to 2024.
Source: Macrobond.
Saudi Arabia GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 24,323 | 31,914 | 38,460 | 36,140 | 35,100 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian GDP Per Capita projections for the next ten years from a panel of 9 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 Per Capita forecast available for Saudi Arabian GDP Per Capita.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian GDP Per Capita projections.
Want to get access to the full dataset of Saudi Arabian GDP Per Capita forecasts? Send an email to info@focus-economics.com.