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Economy of Estonia vs Saudi Arabia compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $1.24T for Saudi Arabia, ranking 100/197 and 18/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $324B (26.2% of GDP) in Saudi Arabia.

Estonia vs Saudi Arabia GDP by year

Estonia
Saudi Arabia
1x
Year GDP, current $
Estonia Saudi Arabia
2024 $43,130,419,829 $1,239,804,533,333
2023 $41,470,344,395 $1,218,584,533,333
2022 $38,226,641,740 $1,239,075,200,000
2021 $37,201,101,171 $982,661,066,667
2020 $31,820,771,494 $767,951,200,000
2019 $31,873,748,770 $888,890,133,333
2018 $31,222,632,741 $886,564,800,000
2017 $27,469,461,919 $741,266,133,333
2016 $24,561,027,788 $689,279,466,667
2015 $23,311,847,751 $693,414,400,000
2014 $27,055,689,003 $787,153,066,667
2013 $25,451,032,781 $769,755,733,333
2012 $23,237,406,116 $751,921,333,333
2011 $23,303,915,795 $680,660,800,000
2010 $19,524,355,419 $528,207,466,667
2009 $19,633,984,440 $429,097,866,667
2008 $24,342,935,404 $519,796,800,000
2007 $22,450,264,166 $415,964,509,673
2006 $17,025,671,810 $376,900,133,511
2005 $14,109,491,357 $328,459,608,764
2004 $12,148,595,031 $258,742,133,333
2003 $9,876,595,528 $215,807,733,333
2002 $7,370,119,619 $189,605,866,667
2001 $6,250,218,423 $184,137,600,000
2000 $5,686,579,748 $189,514,933,333
1999 $5,756,912,266 $161,717,066,667
1998 $5,674,080,543 $146,775,466,667
1997 $5,154,420,649 $165,963,684,913
1996 $4,786,018,988 $158,662,483,311
1995 $4,502,970,889 $143,343,124,166
1994 $4,123,011,420 $135,174,899,866
1993 $4,013,091,682 $132,967,957,276
1992 - $137,087,850,467
1991 - $132,223,230,975
1990 - $117,630,173,565
1989 - $95,344,459,279
1988 - $88,256,074,766
1987 - $85,695,861,148
1986 - $86,961,922,765
1985 - $103,897,846,494
1984 - $119,624,858,116
1983 - $129,171,635,311
1982 - $153,240,313,858
1981 - $184,291,360,139
1980 - $164,539,660,725
1979 - $111,858,444,786
1978 - $80,266,516,687
1977 - $74,188,986,586
1976 - $64,005,665,722
1975 - $46,773,208,643
1974 - $45,412,957,746
1973 - $14,947,435,499
1972 - $9,664,267,087
1971 - $7,184,806,909
1970 - $5,377,333,333
1969 - $4,485,777,644
1968 - $4,187,777,711
1967 - $3,257,022,223
1966 - $2,920,555,557
1965 - $2,647,955,558
1964 - $2,371,808,713
1963 - $2,207,393,172
1962 - $2,130,606,532
1961 - $1,920,811,284
1960 - $1,748,124,064

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

GDP per capita in Estonia vs Saudi Arabia by year

Estonia
GDP per capita

GDP per capita, PPP
Saudi Arabia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Saudi Arabia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $35,122 $71,375
2023 $30,264 $48,637 $36,157 $71,565
2022 $28,340 $48,218 $38,510 $71,968
2021 $27,951 $44,252 $31,921 $62,690
2020 $23,934 $40,672 $24,339 $47,518
2019 $24,021 $40,586 $29,567 $59,560
2018 $23,618 $37,121 $29,360 $59,378
2017 $20,852 $34,507 $23,929 $53,120
2016 $18,666 $31,948 $22,268 $49,937
2015 $17,722 $29,713 $23,256 $53,931
2014 $20,582 $29,404 $27,805 $62,578
2013 $19,310 $27,831 $27,865 $62,203
2012 $17,568 $26,243 $28,733 $65,034
2011 $17,556 $24,652 $27,127 $64,125
2010 $14,664 $21,614 $22,028 $58,829
2009 $14,712 $20,489 $17,718 $54,787
2008 $18,206 $22,804 $22,320 $57,236
2007 $16,745 $22,201 $18,596 $55,030
2006 $12,641 $19,344 $17,564 $54,639
2005 $10,415 $16,638 $15,976 $53,548
2004 $8,916 $14,538 $13,154 $51,225
2003 $7,205 $13,135 $11,487 $48,078
2002 $5,343 $11,667 $10,586 $45,466
2001 $4,503 $10,309 $10,805 $47,381
2000 $4,071 $9,425 $11,715 $48,644
1999 $4,141 $8,412 $10,452 $47,495
1998 $4,093 $8,451 $9,836 $48,867
1997 $3,683 $7,980 $11,545 $48,796
1996 $3,381 $6,892 $11,472 $48,569
1995 $3,134 $6,480 $10,786 $48,052
1994 $2,819 $5,967 $10,602 $48,904
1993 $2,686 $5,814 $10,885 $49,503
1992 - $5,872 $11,730 $50,355
1991 - $7,151 $11,847 $49,295
1990 - $7,481 $11,055 $46,214
1989 - - $9,414 -
1988 - - $9,165 -
1987 - - $9,386 -
1986 - - $10,078 -
1985 - - $12,745 -
1984 - - $15,541 -
1983 - - $17,810 -
1982 - - $22,454 -
1981 - - $28,703 -
1980 - - $27,206 -
1979 - - $19,612 -
1978 - - $14,914 -
1977 - - $14,595 -
1976 - - $13,313 -
1975 - - $10,266 -
1974 - - $10,503 -
1973 - - $3,640 -
1972 - - $2,474 -
1971 - - $1,929 -
1970 - - $1,509 -
1969 - - $1,313 -
1968 - - $1,276 -
1967 - - $1,032 -
1966 - - $961 -
1965 - - $904 -
1964 - - $840 -
1963 - - $812 -
1962 - - $813 -
1961 - - $760 -
1960 - - $718 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $35,122 in Saudi Arabia, ranking 33/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Saudi Arabia ranks 24th at $71,375.

Economic indicators

Estonia Saudi Arabia
Gross domestic product
$43.1B
2024
$1.24T
2024
GDP rank
100/197
2024
18/197
2024
GDP growth
-0.09%
2023-2024
2%
2023-2024
GDP per capita
$31,428
2024
$35,122
2024
GDP per capita rank
40/197
2024
33/197
2024
GDP per capita, PPP
$49,969
2024
$71,375
2024
GDP per capita PPP rank
45/197
2024
24/197
2024
Government debt
$10.1B
2024
$324B
2024
Debt-to-GDP ratio
23.4%
2024
26.2%
2024
Government debt per person
$7,356
2024
$9,185
2024
Government debt per person rank
65/185
2024
58/185
2024
Average annual personal income after taxes
$23,740
2026
$23,076
2026
Market capitalization of domestic companies n/a
$2.73T
2024
Number of millionaires n/a
351,855
2025
Number of billionaires
2
2025
15
2025
Income share by richest 10%
23.7%
2023
n/a
Income share by poorest 10%
3.1%
2023
n/a
Government expenditure, % of GDP
43.6%
2024
29.6%
2024
Consumer prices inflation
3.52%
2023-2024
1.69%
2023-2024
Central bank interest rate n/a
4.25%
2025
Unemployment rate
7.5%
2024
3.52%
2024
Population
1339590
36734925

Spending and national debt comparison by year

Estonia
Spending

Debt
Saudi Arabia
Spending

Debt
1x
Year % of GDP
Estonia Saudi Arabia
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 29.6% 26.2%
2023 43.5% 20.1% 28.3% 23%
2022 40.1% 19.2% 25.3% 21.3%
2021 42.1% 18.4% 28.2% 25.5%
2020 44.7% 19.1% 37.4% 29.7%
2019 39.1% 9.05% 31.8% 20.3%
2018 38.8% 8.51% 32.4% 16.8%
2017 38.9% 9.43% 30.9% 15.9%
2016 38.9% 10.2% 33.3% 12.2%
2015 39.3% 10.8% 38.5% 5.47%
2014 37.6% 11.6% 38.6% 1.5%
2013 38.3% 11.4% 34.5% 2.08%
2012 39.4% 11.1% 32.5% 2.97%
2011 37.6% 7.6% 32.4% 5.31%
2010 40.7% 7.99% 33% 8.43%
2009 46.1% 7.98% 37.1% 14%
2008 39.5% 4.67% 26.7% 12.1%
2007 33.8% 3.91% 29.5% 17.1%
2006 33.5% 4.72% 27.3% 25.8%
2005 33.7% 4.73% 28.2% 37.3%
2004 34.1% 5.16% 31.1% 62.9%
2003 35% 5.6% 33.1% 81.6%
2002 35.9% 5.66% 35.9% 96.4%
2001 35.3% 4.93% 36.9% 93.1%
2000 36.4% 5.11% 33.1% 86.7%
1999 40.7% 5.93% 30.3% 103%
1998 38.9% 5.4% 34.5% 101.5%
1997 35.8% 6.03% 35.6% 76.7%
1996 38.6% 7.3% 33.3% 75.2%
1995 39.5% 8.66% 32.4% 74.2%
1994 - - 33.8% 67.9%
1993 - - 37.7% 58.6%
1992 - - 41.2% 47.8%
1991 - - 34.9% 39.4%
1990 - - 39.3% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while Saudi Arabia spent $367B, or 29.6% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 26.2% in Saudi Arabia, ranking 171/185 and 163/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Saudi Arabia
1x
Year Deficit/surplus, % of GDP
Estonia Saudi Arabia
2024 -1.51% -2.49%
2023 -3.13% -1.77%
2022 -1.08% 2.24%
2021 -2.57% -1.99%
2020 -5.42% -10.2%
2019 -0.11% -3.96%
2018 -1.15% -5.21%
2017 -1.07% -8.57%
2016 -0.62% -13.2%
2015 -0.24% -14.9%
2014 0.42% -3.4%
2013 -0.66% 5.47%
2012 -0.86% 11.7%
2011 0.09% 11.4%
2010 -1.09% 4.39%
2009 -3.43% -5.38%
2008 -2.92% 29.8%
2007 2.5% 11.8%
2006 2.71% 20.8%
2005 1.07% 18%
2004 2.29% 9.72%
2003 1.67% 1.2%
2002 0.29% -5.91%
2001 0.4% -3.91%
2000 -0.11% 3.18%
1999 -3.42% -5.99%
1998 0.65% -8.88%
1997 2.98% -2.51%
1996 -0.93% -3.25%
1995 -0.26% -5.12%
1994 - -8.31%
1993 - -9.33%
1992 - -8.12%
1991 - -3.28%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

In 2024, Estonia's government deficit, the difference between spending and revenue, was $651M, equivalent to 1.51% of GDP. This compares to Saudi Arabia's deficit of $30.9B, or 2.49% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while Saudi Arabia ran a deficit in 18 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to surplus of 0.77% of GDP for Saudi Arabia.

Inflation comparison by year

Inflation
Estonia

Saudi Arabia
1x
Year Consumer prices inflation
Estonia Saudi Arabia
2024 3.52% 1.69%
2023 9.16% 2.33%
2022 19.4% 2.47%
2021 4.65% 3.06%
2020 -0.44% 3.37%
2019 2.28% -1.19%
2018 3.44% 2.47%
2017 3.42% -0.83%
2016 0.15% 2.05%
2015 -0.49% 1.22%
2014 -0.11% 2.24%
2013 2.78% 3.51%
2012 3.93% 2.87%
2011 4.98% 5.83%
2010 2.97% 5.34%
2009 -0.08% 5.06%
2008 10.4% 9.87%
2007 6.6% 4.17%
2006 4.44% 2.21%
2005 4.08% 0.48%
2004 3.05% 0.52%
2003 1.33% 0.61%
2002 3.57% 0.25%
2001 5.75% -1.12%
2000 4.02% -1.12%
1999 3.3% -1.33%
1998 8.21% -0.37%
1997 10.6% 0.06%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

Over the past 28 years, Estonia has recorded an average annual inflation rate of 4.46%, compared with 1.99% in Saudi Arabia. In 2024, inflation was 3.52% in Estonia and 1.69% in Saudi Arabia.

Top exports between countries

Estonia
Export category Export value
Machinery & equipment $19.7M
Raw agricultural goods $13.4M
IT & IP services $8.22M
Wood & paper products $2.59M
Chemicals & pharma $2.42M
Transport & tourism services $1.19M
Textiles & consumer goods $1.03M
Processed food, beverages & tobacco $974K
Raw materials & minerals $877K
Business & finance services $649K
Saudi Arabia
Export category Export value
Metals $6.54M
Raw materials & minerals $1.94M
Animal & marine products $1.16M
Chemicals & pharma $670K
Raw agricultural goods $642K
Machinery & equipment $621K
Textiles & consumer goods $72K
Precious metals & jewellery $17K
Miscellaneous $3K
Processed food, beverages & tobacco $2K

Balance of trade

Estonia Saudi Arabia
Current account balance
-$543M
2024
-$16.3B
2024
Current account balance ranking
107/190
2024
180/190
2024
Current account balance, % of GDP
-1.26%
2024
-1.31%
2024
Goods imports
$22.1B
2024
$214B
2024
Goods exports
$19B
2024
$306B
2024
Service imports
$10.4B
2024
$125B
2024
Service exports
$13.6B
2024
$62.8B
2024
Imports of goods and services, % of GDP
75.4%
2024
25.6%
2024
Exports of goods and services, % of GDP
75.7%
2024
29.1%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Estonia Saudi Arabia
Economic freedom 78.7 65.4
Economic freedom ranking 10/197 65/197
Property rights 93.6 51.4
Government integrity 86.3 52.7
Judicial effectiveness 92.4 38.2
Tax burden 77.9 99.2
Government spending 46 77
Fiscal health 93.1 97.9
Business freedom 82.8 71.2
Labor freedom 59 41.8
Monetary freedom 73.9 81.2
Trade freedom 79.4 73.8
Investment freedom 90 50
Financial freedom 70 50

Economic freedom comparison by year

Estonia
Saudi Arabia
1x
Year Economic freedom index
Estonia Saudi Arabia
2026 78.7 65.4
2025 78.9 64.4
2024 77.8 61.9
2023 78.6 58.3
2022 80 55.5
2021 78.2 66
2020 77.7 62.4
2019 76.6 60.7
2018 78.8 59.6
2017 79.1 64.4
2016 77.2 62.1
2015 76.8 62.1
2014 75.9 62.2
2013 75.3 60.6
2012 73.2 62.5
2011 75.2 66.2
2010 74.7 64.1
2009 76.4 64.3
2008 77.9 62.5
2007 78 60.9
2006 74.9 63
2005 75.2 63
2004 77.4 60.4
2003 77.7 63.2
2002 77.6 65.3
2001 76.1 62.2
2000 69.9 66.5
1999 73.8 65.5
1998 72.5 69.3
1997 69.1 68.7
1996 65.4 68.3
1995 65.2 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 65.4 for Saudi Arabia, ranking 65/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Saudi Arabia
Services, % of GDP
65.7%
2024
47.1%
2024
Industry, % of GDP
20.1%
2024
44.9%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
2.54%
2024
GNI, Atlas method
$39.6B
2024
$1.26T
2024
GNI per capita, PPP
$48,880
2024
$71,730
2024
Total reserves including gold
$2.07B
2024
$464B
2024
Total reserves ranking
125/177
2024
7/177
2024
Net foreign direct investment
-$285M
2024
$6.27B
2024
Net inflows of foreign direct investment
-$3.44B
2024
$21.3B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$27.6B
2024
Poverty at national poverty lines
22.5%
2022
n/a
Gross capital formation, % of GDP
24.6%
2024
30.2%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/estonia/saudi-arabia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2023–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.