Economic updates
Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
Saudi Economy in 2024-25
Macroeconomic reportSaudi Arabia’s non-oil economy continues to expand at a brisk pace. The authorities’ preliminary estimate puts non-oil GDP growth at 4.6 percent in 2023 and we see an acceleration to 5 percent-plus in the next two years. Growth will be driven by both consumption and investment, with net exports a drag—at least this year. Consumer price inflation should remain contained, though project cost overruns are likely.
Macroeconomic update - December 2023: (Domestic demand remains strong)
Macroeconomic reportDomestic demand in the Kingdom remains very strong, driven by a booming projects market and firm consumption growth. Following a comparatively soft patch in Q3, the non-oil economy is picking up pace again, thanks in part to an acceleration in central government spending. We expect non-oil GDP growth to reach 5.1 percent this year and 5.2 percent in 2024.
