Saudi Arabia Macroeconomic Boom: 8.7% GDP Growth, Vision 2030 & $7.6% Fiscal Surplus Fuel Transformation Journey – Ken Research

GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ — Saudi Arabia’s macroeconomic landscape is experiencing a dynamic shift, fueled by surging oil prices, ambitious diversification efforts, and transformative Vision 2030 initiatives. Ken Research’s “Saudi Arabia Macroeconomic Assessment” report paints a vibrant picture, highlighting key trends, opportunities, and challenges for businesses and investors. This press release delves into the report’s insights, offering a snapshot of the Kingdom’s evolving economic landscape. 


Key Highlights: A Glimpse into the Saudi Economy 

  • Booming Oil Revenue: Driven by high oil prices, Saudi Arabia’s real GDP growth reached 8.7% in 2022, with non-oil GDP growth at a promising 4.8%. This translates to a fiscal surplus of 7.6% of GDP in 2022, providing significant resources for development initiatives. 
  • Vision 2030’s Transformative Power: The ambitious Vision 2030 plan aims to diversify the economy, reduce oil dependence, and create a vibrant private sector. Initiatives like NEOM and giga-projects are already attracting investments and stimulating non-oil growth. 
  • Strategic Reforms: Reforms like opening up new sectors to foreign investment and streamlining regulations are improving the business environment and attracting international interest. 
  • Population Growth and Consumption Boom: Saudi Arabia’s young and growing population, coupled with rising disposable incomes, is driving domestic consumption, creating opportunities for diverse sectors like retail, tourism, and healthcare. 

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Market Segmentation: A Deeper Dive into Key Sectors 

The report segments the Saudi Arabian economy into key sectors: 

  • Oil & Gas: Despite diversification efforts, oil and gas remain the backbone of the economy, accounting for 50% of government revenue in 2022. Rising oil prices and production are expected to continue fueling economic growth in the near term. 
  • Non-Oil Sectors: With a focus on non-oil growth, sectors like construction, manufacturing, and financial services are witnessing significant investments and development. 
  • Tourism & Hospitality: Recognizing its tourism potential, Saudi Arabia is investing heavily in developing tourism infrastructure and attracting international visitors. This sector is poised for high growth in the coming years. 

Future Outlook: Charting a Course for Continued Growth 

Despite the positive outlook, some challenges remain: 

  • Geopolitical Risks: Regional instability and fluctuating oil prices pose potential risks to economic stability. 
  • Diversification Challenges: Successfully transitioning away from oil dependence requires sustained efforts in developing non-oil sectors and attracting diverse investments. 
  • Human Capital Development: Upskilling and reskilling the workforce are crucial to meet the demands of the diversifying economy. 

Despite these challenges, the Saudi Arabian economy is on a promising trajectory, driven by: 

  • Continued Government Support: Vision 2030 initiatives and ongoing reforms are expected to continue driving economic diversification and attracting investments. 
  • Technological Advancements: Embracing advanced technologies like AI and cloud computing will further enhance efficiency and productivity across sectors. 
  • Strategic Partnerships: Collaborations with international players will foster knowledge transfer, skill development, and technology adoption. 

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Key Takeaways for Stakeholders: 

This report offers valuable insights for various stakeholders in the Saudi Arabian economy: 

  • Investors: Identifying lucrative investment opportunities in high-growth sectors like tourism, healthcare, and technology. 
  • Businesses: Understanding the evolving market landscape, regulatory framework, and consumer trends to adapt their strategies effectively. 
  • Government Agencies: Formulating policies and regulations that support economic diversification, attract foreign investment, and create a skilled workforce. 
  • Individuals: Gaining insights into the economic outlook and potential growth opportunities within the Kingdom. 


Saudi Arabia’s macroeconomic landscape is brimming with potential, presenting exciting opportunities for businesses and investors alike. By navigating the challenges, capitalizing on the growth drivers, and embracing the transformative power of Vision 2030, the Kingdom is poised for a prosperous and diversified future.

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KSA Macroeconomic Assessment

By Population

On the basis of Age

By gender

By nationality

By Educational Level

By Literacy Rate



By Household Size and Income



Average Family Income

Average Individual income with income (SAR)

By Number of Households

Number of Households

Average monthly Household income (SAR)



Saudi and Non-Saudi

Average monthly income (on the basis of gender)



Average monthly income of a Saudi family (On the basis of qualification)




 Average monthly income of a Saudi family (On the basis of marital status)



Never Married


Average per capita monthly income



Saudi and Non-Saudi

Average per capita monthly expenditure



Saudi and Non-Saudi

Breakup of the household expenditure (%), (Saudi- Non-Saudi)

Housing, Water, Electricity, Gas, and other Fuels

Miscellaneous Personal Goods and Services

Food and Beverages


Restaurants and Hotels

Furniture and Furnishings


Fabric, Apparel and Footwear

Recreation and Culture




Labor Force Participation Rate (%)

Male – Non-Saudi

Female – Non-Saudi

Male – Saudi

Female – Saudi

Percentage distribution of Employment (%)

Male (Non-Saudi)

Female (Non-Saudi)

Male (Saudi)

Female (Saudi)

Percentage distribution of Employment (%)

Age 15 – 24

Age 25 – 34

Age 35 – 44

Age 45 – 54

Age 55+

Unemployment rate by nationality (%)

Saudi National

Non-Saudi National

Unemployment rate by Gender (%)



Major Region


Al Arid

Al Qirawan

Al Narjis

Al Yasmin

Al Sahafa

Al Malqa

Al Izdihar



Al Khobar





Al Mohammadiyyah 

Al Ghadir 

King Fahd 

Al Muruj 

An Nafal 

Ar Rabi 

Al Khuzama 

Al Nakheell 


Al Aqiq 

Ar Rihab 

Al Khalidiyah 

Al Faisaliyah 

At Tarif Al Jadid 


King Saud University 


For More Insights On Market Intelligence, Refer To The Link Below: –

Saudi Arabia Macroeconomic Assessment

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Ankur Gupta, Director Strategy and Growth


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