Indicators of economy in Saudi Arabia

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Saudi Arabia. Overall, gross domestic product in 2020 fell from 803.62 billion US dollars to 703.37 billion US dollars. With a large drop of 12.47 percent, the economy in Saudi Arabia has struggled significantly more than other countries. The tourism sector alone slumped by around 70 percent. The unemployment rate rose from 5.6 to 7.4 percent. The consumer inflation rate has risen from -2.1 percent previously to 3.4 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 833.54 billion US dollars (=103.7% of 2019).

Income and purchasing power

The average monthly income in Saudi Arabia is 1,795 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 55.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Saudi Arabia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 31.7 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

In the Global Innovation Index, Saudi Arabia ranked 51st in 2022 with 33.4 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 16 originate from Saudi Arabia. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 3: Saudi Arabian Oil Company (Saudi Aramco) (Dhahran)
Rank 327: The Saudi National Bank (Riyadh)
Rank 329: Saudi Electricity (Riyadh)
Rank 380: Al Rajhi Bank (Riyadh)
Rank 402: Saudi Telecom (Riyadh)
Rank 683: Riyad Bank (Riyadh)
Rank 738: Saudi Arabian Mining (Riyadh)
Rank 868: Saudi British Bank (Riyadh)
Rank 971: Banque Saudi Fransi (Riyadh)
Rank 1057: Alinma Bank (Riyadh)

Development of gross domestic product in billions of USD 1970 - 2021