Saudi Economy Grows to SAR 4.7 Trillion by 2024

The Saudi economy has expanded significantly over the past several years, with gross domestic product (GDP) rising from about SAR 2.6 trillion in 2016 to roughly SAR 4.7 trillion by 2024, reflecting an average annual growth of around 8% across the period.

Much of this expansion has been driven by rؤية السعودية 2030's push to diversify beyond oil. The non-oil sector now accounts for about 56% of the economy, while non-oil activities grew around 4.3% in 2024 even as oil activity contracted. Official statistics place GDP at current prices for 2024 at roughly SAR 4.07 trillion, with some datasets reporting figures higher, depending on measurement and revisions.

Private sector and investment gains

The private sector's contribution to GDP roughly doubled, from about SAR 1.1 trillion in 2016 to around SAR 2.3 trillion, with a target to exceed SAR 2.4 trillion within about five years. Domestic investment reached close to 30% of GDP by 2024, reportedly rising 76% during the year.

Foreign direct investment inflows have roughly quadrupled compared with 2016 levels, reaching nearly SAR 120 billion in 2024, while the total stock of FDI surpassed SAR 1 trillion. Gross fixed capital formation climbed from about SAR 672 billion in 2017 to roughly SAR 1.44 trillion by the end of 2024.

Assets managed by the Public Investment Fund have more than tripled since 2016, reaching about SAR 3.53 trillion and surpassing the 2024 Vision 2030 target.

For residents and businesses, the numbers point to broadening opportunities across non-oil industries, a stronger private sector, and rising investment — trends that continue to reshape the job market and business landscape in الرياض, جدة, and beyond.

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