Saudi Arabia published its Vision 2030 annual report for 2024, presenting the progress Saudi Arabia has made over the last nine years and highlighting shifts from Phase 2 (2021-2025) into Phase 3 (2026-2030). Emphasizing regulatory reforms and private sector investment, non-oil activities now represent over half of national GDP (51 percent).
Ten Vision Realization Programs remain active with the Fiscal Sustainability Program concluding; those being the Financial Sector Development Program, Human Capability Development Program, Health Sector Transformation Program, Pilgrim Sector Transformation Program, Quality of Life Program, National Transformation Program, Public Investment Fund Program, Housing Program, National Industry Development & Logistics Program, and the Privatization Program.
Saudi Arabia surpassed its 2030 targets in economic diversification, social development, and institutional efficiency. Approximately 93 percent of key performance indicators for Vision 2030 projects are either complete or on-track, with 75 percent currently at or exceeding the 2030 benchmark. Approximately 85 percent of Vision 2030 initiatives are complete or on-track, with 38 percent currently at or exceeding their 2030 targets.
Macroeconomic Performance
The Kingdom’s real GDP grew by 1.3 percent in 2024, a rebound from the 0.8 percent decline in 2023. Real GDP reached $937.06 billion – its highest mark during the project. Saudi Arabia’s trade balance remained in surplus, growing to $126.64 billion in 2024. The compound annual growth rate (CAGR) for GDP over all of Vision 2030 is now 1.75 percent. Saudi Arabia’s GDP framework is under renovation, aiming to be in line with the System of National Accounts (SNA) for better economic transparency, improved data quality, and more accurate measurements.
In 2024 inflation remained low at 1.7 percent, and liquidity reached a Vision 2030 peak of $779 billion in 2024 – indicating strength in the Saudi financial system.
Global financial institutions such as the IMF, World Bank, OECD, and Saudi Ministry of Finance unanimously forecast growth in 2025 and 2026, highlighted by rising liquidity levels in the Saudi economy – peaking in September 2024. Throughout the year, international credit rating agencies upgraded Saudi Arabia’s sovereign ratings. Moody’s rated the Kingdom at AA3, Fitch at A+, and Standard & Poor’s at A/A-1, referencing stable fiscal performance, healthy foreign reserves, and improved revenue diversification.
The Saudi Arabian government’s E-Government Development Index (UN EGDI) is ranked 6th, well surpassing its 2030 goal of 26th.
Non-Oil Economic Expansion
Non-oil real GDP saw a 4.3 percent gain – pushing GDP contribution past the halfway mark (51 percent) to $481.86 million. Non-oil exports grew 13 percent YoY, reaching 25.2 percent of non-oil GDP – under the 2024 target of 35 percent, however. Since 2016, non-oil CAGR grew by 3.01 percent.
Non-oil growth was especially strong in the wholesale & retail trade, hospitality, transportation & logistics, and technology sectors.
Trade & Investment
Inbound FDI totaled $20.69 billion in Q4 2024, almost $5 billion lower than 2023 and making up 2.21 percent of total GDP. The Public Investment Fund (PIF) exceeded its 2024 target and hit $941.33 billion. Consequently, the 2030 target for PIF assets received a revised target up to $2.67 trillion. Saudi’s Purchasing Managers’ Index (PMI) reached 58.1 points, indicating strong private sector sentiment.
Private Sector Development
Saudi Arabia’s private sector contribution to GDP exceeded the 2024 goal, reaching 47 percent. Small and Medium-sized Enterprises (SMEs) surpassed both 2024 and 2025 targets for employment, reaching 7.86 million while falling just short of bank credit goals at 9.4 percent (goal was 10 percent). The military industry localization rate climbed to 19.35 percent, ahead of schedule.
Labor Market & Social Inclusion
National unemployment fell to 7 percent, reaching the 2030 goal six years ahead of schedule. Over 2.4 million private sector jobs were made in 2024, and women’s unemployment rate fell from 34.5 percent (2016) to 11.9 percent (2024). Women’s labor force participation rate reached 33.5 percent in 2024, past the 2030 target of 30 percent. Accordingly, the 2030 goal for women’s labor force participation rate has now been raised to 40 percent.
Home ownership in Saudi Arabia surpassed its 2024 target of 64 percent by 1.4 percentage points, ending the year at 65.4 percent. 97.4 percent of population clusters are now covered by healthcare services, and life expectancy has climbed to 78.8 years.
