Saudi GDP per capita share reach 124.4 thousand riyals

The per capita share of the Kingdom’s GDP witnessed a remarkable leap between 2010 and 2023, as it increased by nearly 50%, reflecting this prosperity and the amazing development in the GDP, as well as indicating the economic transformations that took place during that period. The per capita share recorded about 124.4 thousand riyals by the end of 2023.

The GDP grew by nearly 102% during this period, while the increase in the Kingdom’s population recorded about 34%, which highlights the balance between economic growth and the rise in the standard of living.

The development of the per capita share of the GDP during the period 2010 to 2023: Historically, in 2010, the per capita share was 82.5 thousand riyals, then witnessed a remarkable leap in 2011, as it increased by a growth rate of 22% to reach 100 thousand riyals. In 2012, the per capita share continued to rise to 106 thousand riyals.

However, from 2013 to 2017, the share witnessed a gradual decline in the GDP, as it decreased to 86.5 thousand riyals, as a result of the economic changes that the country went through as well as the fluctuations in energy prices that greatly affected the growth of oil activities. In 2018, the per capita share recovered, recording an increase of about 21% to reach 105 thousand riyals.

In 2019, a slight decrease was observed, as the per capita share reached 104 thousand riyals, while in 2020, it decreased by 17% to reach 87 thousand riyals, and this decrease is due to the Covid-19 crisis that cast a shadow over the GDP. However, in 2021, the per capita share increased by 22% to reach 106 thousand riyals.

In 2022, the per capita share witnessed a significant increase of 135 thousand riyals, reaching 124.4 thousand riyals in 2023, reflecting a significant improvement in the level of economic welfare.

Developments in increasing the per capita share of GDP through a set of positive changes that reflect an economic recovery, the most prominent of which are: Investment: The increase in the per capita share of GDP contributes to a positive impact on investment, as this increase is a strong indicator for investors of the country’s prosperity, which enhances their desire to pump money into the market, and pushes them towards greater consumption of goods and services.

Consumption: When the per capita share of GDP increases, this is positively reflected in consumption levels, as consumer spending in the economy increases, which leads to strengthening aggregate demand and reflects increased economic activity.

Purchasing power of individuals: The purchasing power of individuals is positively affected by the increase in the money available to them, which is reflected in consumption and investment patterns. A country with a high per capita share reflects the well-being of its citizens and indicates the sustainable economic development that the country is experiencing.