Saudi Arabia is nearing the end of the second phase of its Vision 2030 plan (2021-2025), a period that has seen strong growth and expanding opportunities across multiple sectors, with key economic indicators reflecting the Kingdom’s progress.
Performance data for 2024 shows that Saudi Arabia, the Arab world’s largest economy, is firmly on course to meet its Vision 2030 targets, with a significant number of metrics exceeding initial projections.
According to the latest figures, 93% of the tracked indicators have been either fully or partially achieved. A total of 299 indicators have met their goals entirely.
Meanwhile, data on Vision 2030 initiatives show that 85% have either been completed or remain on schedule, with 674 initiatives fully implemented and another 596 progressing according to plan, out of a total of 1,502 active initiatives.
Saudi Arabia’s economy continued to expand in 2024, with real non-oil GDP rising by 3.9% year-on-year, driven by a 4.3% increase in non-oil sectors. The non-oil private sector Purchasing Managers’ Index (PMI) also posted a strong performance, climbing to 58.1 points in the fourth quarter.
The Kingdom’s unemployment rate among Saudi citizens fell to a record low of 7% in 2024, achieving the Vision 2030 target six years ahead of schedule, compared to 12.3% in 2016.
Meanwhile, Saudi Arabia maintained inflation at 1.7% by the end of 2024, one of the lowest rates among G20 nations, supported by balanced economic policies.
Boosting Competitiveness
Saudi Arabia advanced to 16th place in the 2024 IMD World Competitiveness Ranking, up from 36th in 2017, reflecting ongoing reforms to improve the business environment.
Global credit rating agencies also reaffirmed their confidence in the Kingdom’s economic outlook. Moody’s maintained Saudi Arabia’s rating at “A1” with a stable outlook, Fitch Ratings assigned it “A+” and S&P Global rated the Kingdom at “A/A-1.”
A Vibrant Society and Ambitious Nation
Saudi Arabia recorded major achievements on the social and cultural fronts. The number of UNESCO World Heritage sites in the Kingdom rose to eight, reaching the Vision 2030 target ahead of schedule.
The number of foreign Umrah pilgrims hit a record 16.92 million in 2024, surpassing the year’s target of 11.3 million.
Homeownership among Saudi families reached 65.4% in 2024, exceeding the year’s target of 64%.
In digital governance, Saudi Arabia climbed to sixth place globally in the United Nations E-Government Development Index, rising 25 spots and nearing its Vision 2030 goal of fifth place.
Volunteerism also surged, with the number of volunteers exceeding 1.2 million, surpassing the Vision 2030 target of one million volunteers and reflecting a growing culture of civic engagement.
Positive Growth Outlook
International institutions forecast a strong outlook for Saudi Arabia’s economy in 2025.
The Organization for Economic Co-operation and Development (OECD) projects growth of 3.8%, the International Monetary Fund (IMF) expects 3% growth, and the World Bank forecasts an expansion of 3.4%. Saudi Arabia’s Ministry of Finance projects a higher growth rate of 4.6%.
The sustained economic momentum and rapid transformation under Vision 2030 have strengthened Saudi Arabia’s position as an attractive investment destination and a rising hub for promising opportunities.
