Macroeconomic on SAUDI VISION 2030 Intelligence Platform

Inflation Rate — Progress Tracker

Sun, 22 Feb 2026 00:00:00 +0000

Inflation Rate KPI Tracker

On Track — Saudi Arabia has maintained inflation within a controlled range of approximately 1.5 to 3.5 per cent throughout the Vision 2030 period, demonstrating macroeconomic stability despite significant structural transformation and global inflationary pressures.

Key Metrics

Metric	Value
Inflation (2016)	2.0%
Inflation (2018)	2.5% (VAT introduction)
Inflation (2020)	3.4% (VAT tripled)
Inflation (2022)	2.5%
Inflation (2023)	2.3%
Latest (2024)	1.7%
Target Range	Low single digits
Core Inflation (ex-food/energy)	1.4%
Housing Inflation	3.2%

Trend Analysis

Saudi Arabia’s inflation management during the Vision 2030 transformation period has been remarkably successful, especially when benchmarked against the inflationary surge experienced by most major economies in 2021-2023. While global inflation peaked at 8 to 10 per cent in many advanced economies, Saudi Arabia’s rate remained below 3.5 per cent throughout, providing price stability that has supported household purchasing power and business planning confidence.

Purchasing Managers Index — Progress Tracker

Sun, 22 Feb 2026 00:00:00 +0000

Saudi Arabia PMI KPI Tracker

On Track — The Saudi Arabia PMI KPI tracker shows sustained non-oil private-sector expansion, with the Riyad Bank/S&P Global PMI holding above the 50.0 expansion threshold for most of the post-2016 period.

Key Metrics

Metric	Value
PMI (2016 avg.)	54.8
PMI (2019 avg.)	56.8
PMI (2020 low)	42.4 (April, COVID)
PMI (2022 avg.)	56.5
PMI (2023 avg.)	57.2
Latest (2024 avg.)	56.8
Months Above 50 (2021-2024)	47 of 48
Current Output Sub-Index	59.2
Current Employment Sub-Index	52.4

Trend Analysis

The Purchasing Managers Index provides one of the most timely and reliable signals of non-oil private sector health in Saudi Arabia. Compiled monthly from surveys of approximately 400 private-sector purchasing managers, the PMI captures real-time sentiment on output, new orders, employment, delivery times, and inventory levels. Saudi Arabia’s PMI has been remarkably robust since 2016, averaging approximately 56 over the full period — well above the 50.0 threshold that separates expansion from contraction.

Real GDP Growth — Progress Tracker

Sun, 22 Feb 2026 00:00:00 +0000

Saudi Arabia Real GDP Growth KPI Tracker

On Track — This real GDP growth KPI tracker shows Saudi Arabia averaging approximately 3.0 per cent annual real growth since 2016, with headline volatility driven by oil production adjustments and OPEC+ commitments while non-oil activity supplies the steadier momentum. The latest official Vision 2030 Annual Report shows real GDP growth of 4.5 per cent in 2025.

Key Metrics

Metric	Value
Growth (2016)	1.7%
Growth (2019)	0.3%
Growth (2020)	-4.1% (COVID)
Growth (2021)	3.9%
Growth (2022)	8.7% (oil rebound)
Growth (2023)	0.5% (OPEC+ cuts)
Growth (2024)	2.7%
Latest (2025)	4.5%
Average 2016-2025	~3.0%
Non-Oil GDP Growth (2025)	4.9%

Trend Analysis

Saudi Arabia’s headline GDP growth rate tells a complex story that requires decomposition into oil and non-oil components to understand accurately. The volatility is striking, a hallmark of the oil dependency paradox: from -4.1 per cent during the pandemic year to +8.7 per cent during the oil price and production rebound of 2022, then down to 0.5 per cent in 2023 as OPEC+ production cuts reduced oil sector output. Growth recovered to 2.7 per cent in 2024 and 4.5 per cent in 2025. This volatility is largely attributable to the oil sector and masks the remarkably consistent performance of the non-oil economy.