The Kingdom targets a 15th-place global GDP ranking with a GDP of 6.5 trillion riyals by 2024

The Saudi Vision 2030 Annual Report for 2024 revealed that the Kingdom aims to achieve 15th place globally in terms of GDP, with a GDP of 6.5 trillion riyals, up from 20th place globally in 2016.

According to the Vision’s annual report, the moving chain approach was adopted for measuring GDP in early 2024. Consequently, the historical data for the index was updated accordingly. Real GDP has witnessed continuous gradual growth levels from 2016 to 2024, with a compound annual growth rate of 1.79%. This is with the exception of 2020, when it declined due to the impact of the COVID-19 pandemic on all economies, and 2023, due to the decline in GDP from oil activities. Although the index fell short of its 2024 annual target, it achieved 98% of its target, recording an annual growth rate of approximately 1.3% compared to 2023. This growth was driven by a 4.3% year-on-year growth in non-oil activities.

The annual report on Saudi Vision 2030 revealed that 93% of Saudi Vision 2030 indicators achieved, exceeded, or were close to achieving their interim targets in 2024, and that 85% of the Vision’s initiatives are complete and on track. This reflects the magnitude of the efforts that have been and continue to be made and explains the achievements and gains that have driven significant progress across all economic and social sectors in the Kingdom over a period of just nine years, which in the history of developed countries required decades. According to the report, four of the Kingdom’s Vision 2030 indicators (publishable) for the first and second levels exceeded the 2030 target, 24 indicators exceeded the Vision’s interim target, five indicators achieved their interim target, and 10 indicators came close to achieving the interim target at rates ranging from 85% to 99%. Only three indicators did not achieve the required level, resulting in the Kingdom achieving eight of the Vision’s targets six years ahead of schedule. This comes at a time when 674 initiatives out of a total of 1,502 initiatives have been completed since the Vision’s launch, and the remaining 596 initiatives are on track.