Aràbia Saudita: Visió econòmica i política
Saudi Arabia is the largest economy in the Middle East and the richest Arab country. The policy of large-scale public works undertaken by the authorities, as well as foreign direct investment and the soundness of the banking and financial system, have enabled the country to become the number one regional economy and one of the largest in the world. However, the economy of Saudi Arabia is almost entirely based on oil, with GDP growth being closely linked to real oil growth. After a recession in 2023 (-0.8% of GDP) due to oil production cuts and lower oil prices, the kingdom returned to growth in 2024 and accelerated sharply in 2025, with real GDP increasing 4.5% compared to the previous year, according to government data. Non-oil growth remained robust, rising by 4.9%, while oil activities rebounded by 5.7% and government activities grew by 0.9%. According to the World Bank, overall GDP growth is projected to average 4.6% per year over 2026-2027, as the voluntary Opec+ oil production cuts continue to be unwound, with non-oil GDP rising by an average of 3.6% per year over the same horizon.
Concerning public finances, the 2025 budget deficit came in at SAR 276.6 billion, wider than the 5.3% of GDP the finance ministry had estimated in September 2025, as spending growth outpaced revenue growth, which was constrained by a roughly 20% fall in oil revenues to SAR 606.5 billion. In the 2026 state budget, authorities forecast a fiscal deficit of SAR 165 billion (USD 44 billion), as the kingdom continues spending on large-scale gigaprojects to diversify its economy away from oil. The deficit aligns with the finance ministry's pre-budget statement, representing about 3.3% of GDP. Public debt rose to SAR 1.52 trillion at the end of 2025, up from SAR 1.22 trillion at the end of 2024, according to the Ministry of Finance. Government deposits at the Saudi Central Bank (SAMA), including the current account and fiscal reserve, were estimated at 10.3% of GDP at the end of 2024. Contingent liabilities are rising as government-related entities (GRE), particularly the Public Investment Fund (PIF), increase borrowing, but remain small relative to GRE assets (PIF debt was 4.4% of its assets at the end of Q3 2024). Saudi Arabia's inflation in 2025 increased to 2.1% compared to the previous year, according to data from the General Authority for Statistics (GASTAT). The cost-of-living index stood at 111.30 points in 2024, based on the 2018 reference year, up from 109.45 points in 2023.
The standard of living in Saudi Arabia is one of the highest in the Middle East, with a GDP per capita (PPP) of USD 73,784 (World Bank, 2025). According to the latest data available from the Saudi General Authority for Statistics, unemployment among Saudis stood at 6.4% as of the first quarter of 2026, while the overall unemployment rate stood at 3.1%. The unemployment rate hit historic lows, with women’s labour force participation remaining well above the 30% target for 2030.
| Main Indicators | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) |
| GDP (billions USD) | 1,276.94 | 1,388.68 | 1,432.35 | 1,498.03 | 1,572.13 |
| GDP (Constant Prices, Annual % Change) | 4.5 | 3.1 | 4.5 | 3.6 | 3.5 |
| GDP per Capita (USD) | 35,464 | 37,811 | 38,236 | 39,205 | 40,337 |
| General Government Balance (in % of GDP) | -5.8 | -3.5 | -3.4 | -3.6 | -3.3 |
| General Government Gross Debt (in % of GDP) | 31.7 | 32.1 | 34.8 | 37.1 | 38.9 |
| Inflation Rate (%) | 2.0 | 2.3 | 2.1 | 2.0 | 2.0 |
| Current Account (billions USD) | -37.74 | -22.34 | -42.30 | -52.38 | -56.80 |
| Current Account (in % of GDP) | -3.0 | -1.6 | -3.0 | -3.5 | -3.6 |
Source: IMF – World Economic Outlook Database, Latest data available
Agriculture accounts for 2.6% of Saudi Arabia’s GDP and employs 2.5% of the active population (World Bank, 2025). Because of geographical and climatic constraints (droughts), Saudi Arabia imports most of its agricultural and food product requirements. Water scarcity is a serious regional problem that the country is likely to face in the coming years, as the growing cultivation of wheat presents the threat of water depletion. Saudi Arabia is the largest market for agriculture in the GCC region; however, productivity remains limited compared with the public investment that funds the sector. According to Saudi Agriculture, the agricultural contribution to GDP amounted to about USD 31 billion in 2024.
The industrial sector represents 43% of the GDP and employs 23% of the workforce. It is dominated by non-manufacturing activities (oil drilling). The country has the largest oil reserves in the world and is also the largest producer and exporter of oil. Oil accounts for nearly 90% of exports and 70% of government revenues (and more than 40% of GDP). The share of the non-oil industrial sector has been increasing along with the economic diversification efforts of the Saudi authorities (although manufacturing currently represents only 15.8% of GDP). According to the General Authority for Statistics, the industrial production index rose by 8.9% year-on-year in February 2026, driven by growth in mining and quarrying, manufacturing activity and waste management services.
Lastly, services represent 48.9% of the GDP and employ 74% of the active population. This sector is mainly dominated by tourism, financial and banking services, and the insurance sector. Tourism generates very high revenues, thanks in particular to the Hajj, the pilgrimage to Mecca that takes place in the last month of the Islamic year, which all Muslims are expected to make at least once during their lifetime. In the first eight to nine months of 2024, Saudi Arabia ranked third globally for international tourist arrival growth, with over 61% (UN Tourism). Overall, the Kingdom recorded around 30 million inbound international arrivals in 2025 within a record 122 million total visits, up from 116 million in 2024 and significantly up from 17.5 million visitors in 2019 when it first opened to international tourism. The Saudi government launched the “Financial Sector Development Program” as part of “Vision 2030”, aimed at enabling financial institutions to support the growth of the private sector, develop an advanced capital market and improve financial planning. Despite facing tighter liquidity, Saudi banks maintain healthy performance metrics: according to Fitch Ratings, strong gains in securities and trading boosted non-interest income for Saudi banks by SAR 1.4 billion in Q3 2024, driving a SAR 0.5 billion increase in combined profit to reach SAR 20 billion.
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
| Employment By Sector (in % of Total Employment) | 2.5 | 23.1 | 74.4 |
| Value Added (in % of GDP) | 2.6 | 43.0 | 48.9 |
| Value Added (Annual % Change) | 3.0 | 3.0 | 6.3 |
Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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The business rankings model measures the quality or attractiveness of the business environment in a series of countries. It examines separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure.
Source: The Economist Intelligence Unit - Business Environment Rankings 2021-2025
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Actualitzacions: October 2026
