Non-Oil GDP Share: 76% ▲ -7.7pp vs 2020 | Saudi Unemployment: 3.5% ▲ -0.5pp vs 2023 | PIF AUM: $941.3B ▲ +$345B vs 2022 | Inbound FDI: $21.3B ▼ -6.4% vs 2023 | Female Participation: 33% ▲ -1.1pp vs 2023 | Credit Rating: Aa3/A+ ▲ Moody's / Fitch | GDP Growth: 2.0% ▲ +1.5pp vs 2023 | Umrah Pilgrims: 16.92M ▲ vs 11.3M target | Non-Oil GDP Share: 76% ▲ -7.7pp vs 2020 | Saudi Unemployment: 3.5% ▲ -0.5pp vs 2023 | PIF AUM: $941.3B ▲ +$345B vs 2022 | Inbound FDI: $21.3B ▼ -6.4% vs 2023 | Female Participation: 33% ▲ -1.1pp vs 2023 | Credit Rating: Aa3/A+ ▲ Moody's / Fitch | GDP Growth: 2.0% ▲ +1.5pp vs 2023 | Umrah Pilgrims: 16.92M ▲ vs 11.3M target |

Economic Outlook

Macroeconomic analysis and market forecasts for Saudi Arabia — GDP diversification, non-oil revenue, inflation, and capital flows under Vision 2030.

Saudi Arabia’s macroeconomic trajectory is defined by a deliberate structural shift — the managed transition from hydrocarbon-dependent fiscal models toward a diversified, private-sector-driven economy as outlined in Vision 2030 capable of sustaining growth independent of oil price cycles. Tracking this transition requires more than headline GDP figures; it demands granular analysis of non-oil revenue composition, sectoral contribution shifts, labour market restructuring, and the fiscal sustainability of the Kingdom’s unprecedented capital expenditure programme.

The Economic Outlook section delivers quarterly and annual assessments of the Kingdom’s macroeconomic position, integrating official data releases, institutional forecasts, and structural indicators tracked through the KPI benchmark into a coherent analytical framework for investment decision-making.