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Saudi Arabia Current Account to GDP Ratio

Saudi Arabia's current account to GDP was 5.15% in 2024, marking the lowest figure since 2021, a decrease from 5.9% in 2023. This decline is primarily attributed to a 6% reduction in oil export revenue, influenced by OPEC+ voluntary production cuts. Higher non-oil exports grew by 6% but this did not fully offset the decrease. An increase in income debits due to higher external debt and global interest rates, alongside a widening transfers deficit from increased expatriate remittances, also narrowed the current account surplus in the first half of 2024. The merchandise trade surplus in December 2024 was $73.3 billion, down from $113.1 billion in the previous year. Total exports in December 2024 fell by 27.1% year-on-year while total imports rose by 27.1% year-on-year. Saudi Arabia's record low current account to GDP was -21% in 1991 and its record high was 28.5% in 2005.

Yearly Historical Data (1980-2024)

(in %)
Year Current Account to GDP Ratio
2024 -0.5%
2023 2.9%
2022 13.6%
2021 5.1%
2020 -3.1%
2019 4.6%
2018 8.5%
2017 1.5%
2016 -3.7%
2015 -8.7%
2014 9.8%
2013 18.2%
2012 22.4%
2011 23.7%
2010 14.8%
2009 5.6%
2008 27.8%
2007 24.3%
2006 27.8%
2005 28.5%
2004 20.8%
2003 13.1%
2002 6.3%
2001 5.1%
2000 7.6%
1999 0.3%
1998 -9%
1997 0.2%
1996 0.4%
1995 -3.7%
1994 -7.8%
1993 -13.1%
1992 -13%
1991 -21%
1990 -3.6%
1989 -10%
1988 -8.3%
1987 -11.4%
1986 -13.6%
1985 -12.5%
1984 -15.4%
1983 -13.1%
1982 5%
1981 22.4%
1980 26%
Saudi Arabia Current Account to GDP Ratio : Definition
Saudi Arabia's current account to GDP shows its net flow of income with the world as a percentage of its total economic output. It is calculated by dividing the current account balance which includes trade in goods/services plus net income and transfers, by the GDP. A higher ratio indicates a larger external surplus.
Indicator Last Value Prior Value Period
Debt to GDP Ratio 26.2% 23% Dec'24
Repo Rate 4.75% 5% Sep'25
Private Credit (% GDP) 50.14% 54.38% 2017