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Economy of Kuwait vs Saudi Arabia compared: GDP & Debt

Updated on by Georank team

Kuwait has a GDP of $160B compared to $1.24T for Saudi Arabia, ranking 59/197 and 18/197 by economy size, respectively.

Kuwait has $4.68B in government debt (2.92% of GDP), compared to $324B (26.2% of GDP) in Saudi Arabia.

Kuwait vs Saudi Arabia GDP by year

Kuwait
Saudi Arabia
1x
Year GDP, current $
Kuwait Saudi Arabia
2024 $160,227,273,053 $1,239,804,533,333
2023 $165,384,407,116 $1,218,584,533,333
2022 $183,502,046,694 $1,239,075,200,000
2021 $148,350,671,489 $982,661,066,667
2020 $111,045,470,606 $767,951,200,000
2019 $140,856,394,861 $888,890,133,333
2018 $138,646,316,351 $886,564,800,000
2017 $120,687,539,806 $741,266,133,333
2016 $109,406,674,125 $689,279,466,667
2015 $114,585,555,689 $693,414,400,000
2014 $162,650,450,685 $787,153,066,667
2013 $174,168,116,535 $769,755,733,333
2012 $174,047,662,680 $751,921,333,333
2011 $154,039,231,246 $680,660,800,000
2010 $115,416,245,242 $528,207,466,667
2009 $105,968,691,905 $429,097,866,667
2008 $147,379,737,230 $519,796,800,000
2007 $114,634,043,362 $415,964,509,673
2006 $101,557,330,723 $376,900,133,511
2005 $80,798,630,137 $328,459,608,764
2004 $59,439,090,601 $258,742,133,333
2003 $47,874,582,232 $215,807,733,333
2002 $38,135,788,414 $189,605,866,667
2001 $34,889,559,870 $184,137,600,000
2000 $37,718,743,480 $189,514,933,333
1999 $30,122,365,849 $161,717,066,667
1998 $25,943,705,784 $146,775,466,667
1997 $30,350,190,704 $165,963,684,913
1996 $31,492,373,309 $158,662,483,311
1995 $27,186,980,647 $143,343,124,166
1994 $24,848,483,838 $135,174,899,866
1993 $23,941,391,391 $132,967,957,276
1992 $19,858,555,215 $137,087,850,467
1991 $11,009,993,703 $132,223,230,975
1990 $18,427,777,778 $117,630,173,565
1989 $24,313,855,653 $95,344,459,279
1988 $20,690,322,153 $88,256,074,766
1987 $22,368,704,134 $85,695,861,148
1986 $17,903,989,745 $86,961,922,765
1985 $21,445,970,614 $103,897,846,494
1984 $21,700,082,753 $119,624,858,116
1983 $20,871,081,080 $129,171,635,311
1982 $21,577,153,356 $153,240,313,858
1981 $25,058,020,338 $184,291,360,139
1980 $28,638,868,356 $164,539,660,725
1979 $24,749,063,922 $111,858,444,786
1978 $15,503,557,496 $80,266,516,687
1977 $14,137,406,741 $74,188,986,586
1976 $13,132,252,802 $64,005,665,722
1975 $12,022,811,621 $46,773,208,643
1974 $13,006,948,296 $45,412,957,746
1973 $5,408,804,607 $14,947,435,499
1972 $4,450,537,925 $9,664,267,087
1971 $3,880,392,195 $7,184,806,909
1970 $2,873,638,851 $5,377,333,333
1969 $2,769,198,892 $4,485,777,644
1968 $2,662,798,935 $4,187,777,711
1967 $2,441,599,023 $3,257,022,223
1966 $2,391,199,044 $2,920,555,557
1965 $2,097,199,161 $2,647,955,558
1964 $2,071,668,533 $2,371,808,713
1963 $1,900,895,857 $2,207,393,172
1962 $1,828,107,503 $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/kuwait/saudi-arabia | CC BY

GDP per capita in Kuwait vs Saudi Arabia by year

Kuwait
GDP per capita

GDP per capita, PPP
Saudi Arabia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kuwait Saudi Arabia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $32,718 $52,444 $35,122 $71,375
2023 $34,076 $53,025 $36,157 $71,565
2022 $39,982 $55,043 $38,510 $71,968
2021 $34,019 $50,652 $31,921 $62,690
2020 $25,236 $41,462 $24,339 $47,518
2019 $31,708 $50,703 $29,567 $59,560
2018 $32,068 $51,371 $29,360 $59,378
2017 $29,048 $46,566 $23,929 $53,120
2016 $27,324 $41,862 $22,268 $49,937
2015 $29,882 $45,267 $23,256 $53,931
2014 $44,369 $68,337 $27,805 $62,578
2013 $49,651 $76,813 $27,865 $62,203
2012 $52,155 $82,090 $28,733 $65,034
2011 $49,170 $79,037 $27,127 $64,125
2010 $39,212 $75,184 $22,028 $58,829
2009 $37,907 $80,110 $17,718 $54,787
2008 $55,585 $90,337 $22,320 $57,236
2007 $45,709 $91,435 $18,596 $55,030
2006 $42,947 $89,075 $17,564 $54,639
2005 $36,123 $84,968 $15,976 $53,548
2004 $27,552 $77,227 $13,154 $51,225
2003 $22,691 $69,752 $11,487 $48,078
2002 $18,513 $59,713 $10,586 $45,466
2001 $17,374 $58,553 $10,805 $47,381
2000 $19,296 $58,703 $11,715 $48,644
1999 $15,854 $56,406 $10,452 $47,495
1998 $14,067 $58,344 $9,836 $48,867
1997 $16,977 $57,420 $11,545 $48,796
1996 $18,201 $56,913 $11,472 $48,569
1995 $16,168 $57,163 $10,786 $48,052
1994 $14,930 $53,946 $10,602 $48,904
1993 $14,318 $48,482 $10,885 $49,503
1992 $12,146 $36,149 $11,730 $50,355
1991 $8,147 $23,390 $11,847 $49,295
1990 $10,938 $30,763 $11,055 $46,214
1989 $10,965 - $9,414 -
1988 $9,692 - $9,165 -
1987 $10,896 - $9,386 -
1986 $9,077 - $10,078 -
1985 $11,322 - $12,745 -
1984 $11,919 - $15,541 -
1983 $11,965 - $17,810 -
1982 $12,979 - $22,454 -
1981 $15,825 - $28,703 -
1980 $19,032 - $27,206 -
1979 $17,386 - $19,612 -
1978 $11,567 - $14,914 -
1977 $11,238 - $14,595 -
1976 $11,141 - $13,313 -
1975 $10,882 - $10,266 -
1974 $12,527 - $10,503 -
1973 $5,532 - $3,640 -
1972 $4,836 - $2,474 -
1971 $4,486 - $1,929 -
1970 $3,552 - $1,509 -
1969 $3,695 - $1,313 -
1968 $3,872 - $1,276 -
1967 $3,887 - $1,032 -
1966 $4,176 - $961 -
1965 $4,024 - $904 -
1964 $4,379 - $840 -
1963 $4,445 - $812 -
1962 $4,748 - $813 -
1961 - - $760 -
1960 - - $718 -

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

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

Kuwait's GDP per capita is $32,718, ranking 37/197, compared to $35,122 in Saudi Arabia, ranking 33/197. Adjusted for purchasing power (GDP per capita PPP), Kuwait ranks 40th at $52,444, while Saudi Arabia ranks 24th at $71,375.

Economic indicators

Kuwait Saudi Arabia
Gross domestic product
$160B
2024
$1.24T
2024
GDP rank
59/197
2024
18/197
2024
GDP growth
-2.56%
2023-2024
2%
2023-2024
GDP per capita
$32,718
2024
$35,122
2024
GDP per capita rank
37/197
2024
33/197
2024
GDP per capita, PPP
$52,444
2024
$71,375
2024
GDP per capita PPP rank
40/197
2024
24/197
2024
Government debt
$4.68B
2024
$324B
2024
Debt-to-GDP ratio
2.92%
2024
26.2%
2024
Government debt per person
$956
2024
$9,185
2024
Government debt per person rank
143/185
2024
58/185
2024
Average annual personal income after taxes
$23,828
2026
$23,076
2026
Market capitalization of domestic companies
$141B
2024
$2.73T
2024
Number of millionaires n/a
351,855
2025
Number of billionaires n/a
15
2025
Government expenditure, % of GDP
50.4%
2024
29.6%
2024
Consumer prices inflation
2.9%
2023-2024
1.69%
2023-2024
Central bank interest rate
3.5%
2025
4.25%
2025
Unemployment rate
2.16%
2016
3.52%
2024
Population
5100145
36734925

Spending and national debt comparison by year

Kuwait
Spending

Debt
Saudi Arabia
Spending

Debt
1x
Year % of GDP
Kuwait Saudi Arabia
Government spending Government debt Government spending Government debt
2024 50.4% 2.92% 29.6% 26.2%
2023 48.3% 3.13% 28.3% 23%
2022 39.6% 2.95% 25.3% 21.3%
2021 48.3% 7.2% 28.2% 25.5%
2020 62.9% 10.2% 37.4% 29.7%
2019 50.3% 10.5% 31.8% 20.3%
2018 51.1% 14.3% 32.4% 16.8%
2017 51.9% 19.6% 30.9% 15.9%
2016 54.1% 9.88% 33.3% 12.2%
2015 55.4% 4.6% 38.5% 5.47%
2014 45% 3.43% 38.6% 1.5%
2013 38.4% 3.09% 34.5% 2.08%
2012 38.2% 3.6% 32.5% 2.97%
2011 39.7% 4.64% 32.4% 5.31%
2010 45.5% 6.16% 33% 8.43%
2009 42.9% 6.65% 37.1% 14%
2008 40.9% 5.38% 26.7% 12.1%
2007 30.4% 7.05% 29.5% 17.1%
2006 32.3% 7.79% 27.3% 25.8%
2005 28.8% 10.2% 28.2% 37.3%
2004 35.3% 13.9% 31.1% 62.9%
2003 38.2% 17.2% 33.1% 81.6%
2002 42.8% 21.3% 35.9% 96.4%
2001 41.4% 23% 36.9% 93.1%
2000 29.9% 21.4% 33.1% 86.7%
1999 44.5% 25.5% 30.3% 103%
1998 51.7% 25.6% 34.5% 101.5%
1997 43.8% 24.3% 35.6% 76.7%
1996 42.8% 26.5% 33.3% 75.2%
1995 52% 34.9% 32.4% 74.2%
1994 57.8% 37.7% 33.8% 67.9%
1993 58.2% 28.8% 37.7% 58.6%
1992 77.6% 27.9% 41.2% 47.8%
1991 208.9% 45.3% 34.9% 39.4%
1990 122.9% - 39.3% -

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

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

In 2024, Kuwait's government spending was $80.8B, accounting for 50.4% of its GDP, while Saudi Arabia spent $367B, or 29.6% of GDP.

Debt-to-GDP ratio is 2.92% in Kuwait and 26.2% in Saudi Arabia, ranking 184/185 and 163/185, respectively.

Government deficit by year

Deficit/surplus
Kuwait

Saudi Arabia
1x
Year Deficit/surplus, % of GDP
Kuwait Saudi Arabia
2024 23.8% -2.49%
2023 28.2% -1.77%
2022 30% 2.24%
2021 9.98% -1.99%
2020 0.14% -10.2%
2019 13% -3.96%
2018 17.5% -5.21%
2017 15.3% -8.57%
2016 13.1% -13.2%
2015 16.6% -14.9%
2014 30% -3.4%
2013 40.6% 5.47%
2012 40.7% 11.7%
2011 38.8% 11.4%
2010 31.9% 4.39%
2009 31.3% -5.38%
2008 21.3% 29.8%
2007 37.1% 11.8%
2006 28% 20.8%
2005 38.9% 18%
2004 32.5% 9.72%
2003 27.2% 1.2%
2002 31% -5.91%
2001 45.2% -3.91%
2000 52.5% 3.18%
1999 28.2% -5.99%
1998 19.5% -8.88%
1997 29.5% -2.51%
1996 24.3% -3.25%
1995 11.7% -5.12%
1994 1.76% -8.31%
1993 -3.12% -9.33%
1992 -28.1% -8.12%
1991 -145% -3.28%
1990 -50% -

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

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

In 2024, Kuwait's government surplus, the difference between spending and revenue, was $38.1B, equivalent to 23.8% of GDP. This compares to Saudi Arabia's deficit of $30.9B, or 2.49% of GDP.

Over the past 34 years, Kuwait recorded a fiscal deficit in 3 of those years, while Saudi Arabia ran a deficit in 22 years. On average, Kuwait posted an annual surplus equal to 18.6% of GDP, compared to deficit of 0.18% of GDP for Saudi Arabia.

Inflation comparison by year

Inflation
Kuwait

Saudi Arabia
1x
Year Consumer prices inflation
Kuwait Saudi Arabia
2024 2.9% 1.69%
2023 3.64% 2.33%
2022 3.98% 2.47%
2021 3.42% 3.06%
2020 2.1% 3.37%
2019 1.09% -1.19%
2018 0.54% 2.47%
2017 2.17% -0.83%
2016 3.2% 2.05%
2015 3.27% 1.22%
2014 2.91% 2.24%
2013 2.68% 3.51%
2012 3.26% 2.87%
2011 4.84% 5.83%
2010 4.5% 5.34%
2009 4.61% 5.06%
2008 10.6% 9.87%
2007 5.48% 4.17%
2006 3.06% 2.21%
2005 4.14% 0.48%
2004 1.25% 0.52%
2003 0.96% 0.61%
2002 0.89% 0.25%
2001 1.3% -1.12%
2000 1.81% -1.12%
1999 2.99% -1.33%
1998 0.13% -0.37%
1997 0.68% 0.06%

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

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

Over the past 28 years, Kuwait has recorded an average annual inflation rate of 2.94%, compared with 1.99% in Saudi Arabia. In 2024, inflation was 2.9% in Kuwait and 1.69% in Saudi Arabia.

Top exports between countries

Kuwait
Export category Export value
Machinery & equipment $371M
Chemicals & pharma $118M
Processed food, beverages & tobacco $88.5M
Textiles & consumer goods $80.7M
Metals $58.1M
Wood & paper products $53.8M
Raw agricultural goods $37.1M
Animal & marine products $23M
Raw materials & minerals $15.7M
Miscellaneous $10.4M
Saudi Arabia
Export category Export value
Chemicals & pharma $456M
Animal & marine products $373M
Processed food, beverages & tobacco $301M
Machinery & equipment $263M
Metals $202M
Textiles & consumer goods $95.1M
Raw materials & minerals $92.6M
Raw agricultural goods $92.3M
Wood & paper products $87.6M
Miscellaneous $27.7M

Balance of trade

Kuwait Saudi Arabia
Current account balance
$46.7B
2024
-$16.3B
2024
Current account balance ranking
15/190
2024
180/190
2024
Current account balance, % of GDP
+29.1%
2024
-1.31%
2024
Goods imports
$33.4B
2024
$214B
2024
Goods exports
$77.5B
2024
$306B
2024
Service imports
$28.1B
2024
$125B
2024
Service exports
$12.2B
2024
$62.8B
2024
Imports of goods and services, % of GDP
38.3%
2023
25.6%
2024
Exports of goods and services, % of GDP
57.7%
2023
29.1%
2024

Economic freedom indices

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

Kuwait Saudi Arabia
Economic freedom 59.9 65.4
Economic freedom ranking 100/197 65/197
Property rights 42 51.4
Government integrity 47.9 52.7
Judicial effectiveness 43.4 38.2
Tax burden 97.7 99.2
Government spending 36.2 77
Fiscal health 99.9 97.9
Business freedom 57.4 71.2
Labor freedom 49.2 41.8
Monetary freedom 68.7 81.2
Trade freedom 75.8 73.8
Investment freedom 50 50
Financial freedom 50 50

Economic freedom comparison by year

Kuwait
Saudi Arabia
1x
Year Economic freedom index
Kuwait Saudi Arabia
2026 59.9 65.4
2025 59.9 64.4
2024 58.5 61.9
2023 56.7 58.3
2022 58.3 55.5
2021 64.1 66
2020 63.2 62.4
2019 60.8 60.7
2018 62.2 59.6
2017 65.1 64.4
2016 62.7 62.1
2015 62.5 62.1
2014 62.3 62.2
2013 63.1 60.6
2012 62.5 62.5
2011 64.9 66.2
2010 67.7 64.1
2009 65.6 64.3
2008 68.1 62.5
2007 66.4 60.9
2006 66.5 63
2005 64.6 63
2004 63.6 60.4
2003 66.7 63.2
2002 65.4 65.3
2001 68.2 62.2
2000 69.7 66.5
1999 69.5 65.5
1998 66.3 69.3
1997 64.8 68.7
1996 66.1 68.3

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Kuwait is 59.9, ranking 100/197, 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

Kuwait Saudi Arabia
Services, % of GDP
55.9%
2024
47.1%
2024
Industry, % of GDP
57.1%
2024
44.9%
2024
Agriculture, forestry, and fishing, % of GDP
0.49%
2024
2.54%
2024
GNI, Atlas method
$200B
2024
$1.26T
2024
GNI per capita, PPP
$63,270
2024
$71,730
2024
Total reserves including gold
$50.7B
2024
$464B
2024
Total reserves ranking
41/177
2024
7/177
2024
Net foreign direct investment
$9.71B
2024
$6.27B
2024
Net inflows of foreign direct investment
$615M
2024
$21.3B
2024
Net outflows of foreign direct investment
$10.3B
2024
$27.6B
2024
Gross capital formation, % of GDP
17.7%
2023
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/kuwait/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 (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (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.