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Economy of Luxembourg vs Saudi Arabia compared: GDP & Debt

Updated on by Georank team

Luxembourg has a GDP of $93.3B compared to $1.24T for Saudi Arabia, ranking 74/197 and 18/197 by economy size, respectively.

Luxembourg has $24.5B in government debt (26.3% of GDP), compared to $324B (26.2% of GDP) in Saudi Arabia.

Luxembourg vs Saudi Arabia GDP by year

Luxembourg
Saudi Arabia
1x
Year GDP, current $
Luxembourg Saudi Arabia
2024 $93,279,851,863 $1,239,804,533,333
2023 $88,788,881,539 $1,218,584,533,333
2022 $80,801,680,397 $1,239,075,200,000
2021 $86,386,759,695 $982,661,066,667
2020 $73,670,782,100 $767,951,200,000
2019 $69,872,035,114 $888,890,133,333
2018 $71,085,623,495 $886,564,800,000
2017 $65,712,180,343 $741,266,133,333
2016 $62,216,885,436 $689,279,466,667
2015 $60,071,584,216 $693,414,400,000
2014 $68,804,811,898 $787,153,066,667
2013 $65,203,276,467 $769,755,733,333
2012 $59,776,383,527 $751,921,333,333
2011 $61,696,281,326 $680,660,800,000
2010 $56,213,985,987 $528,207,466,667
2009 $54,467,289,898 $429,097,866,667
2008 $58,844,277,702 $519,796,800,000
2007 $51,587,401,416 $415,964,509,673
2006 $42,910,146,296 $376,900,133,511
2005 $37,672,280,120 $328,459,608,764
2004 $35,064,843,793 $258,742,133,333
2003 $29,667,268,248 $215,807,733,333
2002 $23,649,833,332 $189,605,866,667
2001 $21,387,533,703 $184,137,600,000
2000 $21,230,182,989 $189,514,933,333
1999 $21,899,317,599 $161,717,066,667
1998 $20,150,053,345 $146,775,466,667
1997 $19,563,836,265 $165,963,684,913
1996 $20,895,314,658 $158,662,483,311
1995 $20,853,093,870 $143,343,124,166
1994 $17,701,798,891 $135,174,899,866
1993 $15,925,521,222 $132,967,957,276
1992 $15,518,702,635 $137,087,850,467
1991 $13,834,219,728 $132,223,230,975
1990 $12,778,792,854 $117,630,173,565
1989 $10,037,674,038 $95,344,459,279
1988 $9,418,167,855 $88,256,074,766
1987 $8,320,902,215 $85,695,861,148
1986 $6,685,595,088 $86,961,922,765
1985 $4,577,211,767 $103,897,846,494
1984 $4,438,435,493 $119,624,858,116
1983 $4,524,217,751 $129,171,635,311
1982 $4,602,316,793 $153,240,313,858
1981 $5,053,665,797 $184,291,360,139
1980 $6,019,805,490 $164,539,660,725
1979 $5,516,982,664 $111,858,444,786
1978 $4,718,539,772 $80,266,516,687
1977 $3,789,321,328 $74,188,986,586
1976 $3,423,586,207 $64,005,665,722
1975 $3,123,333,333 $46,773,208,643
1974 $3,183,637,117 $45,412,957,746
1973 $2,609,875,802 $14,947,435,499
1972 $1,901,697,370 $9,664,267,087
1971 $1,518,773,421 $7,184,806,909
1970 $1,457,768,455 $5,377,333,333
1969 $1,245,432,991 $4,485,777,644
1968 $1,075,561,623 $4,187,777,711
1967 $983,052,315 $3,257,022,223
1966 $976,717,015 $2,920,555,557
1965 $929,477,285 $2,647,955,558
1964 $910,877,686 $2,371,808,713
1963 $797,902,154 $2,207,393,172
1962 $747,846,862 $2,130,606,532
1961 $710,163,719 $1,920,811,284
1960 $709,941,874 $1,748,124,064

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

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

GDP per capita in Luxembourg vs Saudi Arabia by year

Luxembourg
GDP per capita

GDP per capita, PPP
Saudi Arabia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Saudi Arabia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $137,782 $155,941 $35,122 $71,375
2023 $133,231 $150,508 $36,157 $71,565
2022 $123,720 $146,919 $38,510 $71,968
2021 $134,966 $136,772 $31,921 $62,690
2020 $116,860 $122,067 $24,339 $47,518
2019 $112,697 $121,372 $29,567 $59,560
2018 $116,927 $116,638 $29,360 $59,378
2017 $110,193 $114,986 $23,929 $53,120
2016 $106,899 $113,365 $22,268 $49,937
2015 $105,462 $107,860 $23,256 $53,931
2014 $123,679 $105,296 $27,805 $62,578
2013 $120,000 $100,925 $27,865 $62,203
2012 $112,585 $96,636 $28,733 $65,034
2011 $119,025 $94,475 $27,127 $64,125
2010 $110,886 $90,336 $22,028 $58,829
2009 $109,420 $86,919 $17,718 $54,787
2008 $120,422 $90,971 $22,320 $57,236
2007 $107,475 $85,126 $18,596 $55,030
2006 $90,789 $78,861 $17,564 $54,639
2005 $80,988 $68,788 $15,976 $53,548
2004 $76,545 $64,686 $13,154 $51,225
2003 $65,689 $60,192 $11,487 $48,078
2002 $53,006 $58,576 $10,586 $45,466
2001 $48,440 $56,136 $10,805 $47,381
2000 $48,660 $55,136 $11,715 $48,644
1999 $50,872 $49,845 $10,452 $47,495
1998 $47,445 $44,270 $9,836 $48,867
1997 $46,642 $42,488 $11,545 $48,796
1996 $50,444 $39,722 $11,472 $48,569
1995 $51,032 $38,345 $10,786 $48,052
1994 $43,933 $37,551 $10,602 $48,904
1993 $40,067 $35,899 $10,885 $49,503
1992 $39,571 $34,108 $11,730 $50,355
1991 $35,747 $33,191 $11,847 $49,295
1990 $33,465 $29,949 $11,055 $46,214
1989 $26,618 - $9,414 -
1988 $25,219 - $9,165 -
1987 $22,443 - $9,386 -
1986 $18,150 - $10,078 -
1985 $12,482 - $12,745 -
1984 $12,127 - $15,541 -
1983 $12,374 - $17,810 -
1982 $12,591 - $22,454 -
1981 $13,837 - $28,703 -
1980 $16,531 - $27,206 -
1979 $15,204 - $19,612 -
1978 $13,034 - $14,914 -
1977 $10,486 - $14,595 -
1976 $9,491 - $13,313 -
1975 $8,701 - $10,266 -
1974 $8,967 - $10,503 -
1973 $7,447 - $3,640 -
1972 $5,487 - $2,474 -
1971 $4,435 - $1,929 -
1970 $4,298 - $1,509 -
1969 $3,690 - $1,313 -
1968 $3,203 - $1,276 -
1967 $2,935 - $1,032 -
1966 $2,925 - $961 -
1965 $2,804 - $904 -
1964 $2,779 - $840 -
1963 $2,462 - $812 -
1962 $2,332 - $813 -
1961 $2,241 - $760 -
1960 $2,261 - $718 -

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

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

Luxembourg's GDP per capita is $137,782, ranking 3/197, compared to $35,122 in Saudi Arabia, ranking 33/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Saudi Arabia ranks 24th at $71,375.

Economic indicators

Luxembourg Saudi Arabia
Gross domestic product
$93.3B
2024
$1.24T
2024
GDP rank
74/197
2024
18/197
2024
GDP growth
0.36%
2023-2024
2%
2023-2024
GDP per capita
$137,782
2024
$35,122
2024
GDP per capita rank
3/197
2024
33/197
2024
GDP per capita, PPP
$155,941
2024
$71,375
2024
GDP per capita PPP rank
1/197
2024
24/197
2024
Government debt
$24.5B
2024
$324B
2024
Debt-to-GDP ratio
26.3%
2024
26.2%
2024
Government debt per person
$36,221
2024
$9,185
2024
Government debt per person rank
19/185
2024
58/185
2024
Average annual personal income after taxes
$69,593
2026
$23,076
2026
Market capitalization of domestic companies
$41.9B
2024
$2.73T
2024
Number of millionaires n/a
351,855
2025
Number of billionaires
1
2025
15
2025
Income share by richest 10%
25%
2023
n/a
Income share by poorest 10%
2.8%
2023
n/a
Government expenditure, % of GDP
46.9%
2024
29.6%
2024
Consumer prices inflation
2.05%
2023-2024
1.69%
2023-2024
Central bank interest rate n/a
4.25%
2025
Unemployment rate
6.42%
2024
3.52%
2024
Population
693885
36734925

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Saudi Arabia
Spending

Debt
1x
Year % of GDP
Luxembourg Saudi Arabia
Government spending Government debt Government spending Government debt
2024 46.9% 26.3% 29.6% 26.2%
2023 46.4% 24.7% 28.3% 23%
2022 44.3% 24.9% 25.3% 21.3%
2021 42.4% 24.2% 28.2% 25.5%
2020 47% 24.5% 37.4% 29.7%
2019 43.1% 22.3% 31.8% 20.3%
2018 42.3% 20.9% 32.4% 16.8%
2017 41.3% 21.8% 30.9% 15.9%
2016 40% 19.6% 33.3% 12.2%
2015 40.4% 21.1% 38.5% 5.47%
2014 40.6% 21.9% 38.6% 1.5%
2013 41.2% 22.4% 34.5% 2.08%
2012 41.8% 20.8% 32.5% 2.97%
2011 41.5% 18.5% 32.4% 5.31%
2010 42% 19.1% 33% 8.43%
2009 42.7% 15.3% 37.1% 14%
2008 37.9% 14.6% 26.7% 12.1%
2007 37.4% 8.09% 29.5% 17.1%
2006 39.4% 8.21% 27.3% 25.8%
2005 43.4% 7.95% 28.2% 37.3%
2004 43.7% 7.83% 31.1% 62.9%
2003 43.3% 7.43% 33.1% 81.6%
2002 41.8% 7.45% 35.9% 96.4%
2001 38.1% 7.62% 36.9% 93.1%
2000 38% 7.49% 33.1% 86.7%
1999 41.7% 8.39% 30.3% 103%
1998 43.9% 9.51% 34.5% 101.5%
1997 44.2% 10.1% 35.6% 76.7%
1996 42.5% 10.2% 33.3% 75.2%
1995 42% 10.3% 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/luxembourg/saudi-arabia | CC BY

In 2024, Luxembourg's government spending was $43.7B, accounting for 46.9% of its GDP, while Saudi Arabia spent $367B, or 29.6% of GDP.

Debt-to-GDP ratio is 26.3% in Luxembourg and 26.2% in Saudi Arabia, ranking 162/185 and 163/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Saudi Arabia
1x
Year Deficit/surplus, % of GDP
Luxembourg Saudi Arabia
2024 1.03% -2.49%
2023 -0.78% -1.77%
2022 0.18% 2.24%
2021 1% -1.99%
2020 -3.09% -10.2%
2019 2.68% -3.96%
2018 3.17% -5.21%
2017 1.37% -8.57%
2016 1.89% -13.2%
2015 1.3% -14.9%
2014 1.33% -3.4%
2013 0.84% 5.47%
2012 0.5% 11.7%
2011 0.65% 11.4%
2010 -0.26% 4.39%
2009 -0.21% -5.38%
2008 3.37% 29.8%
2007 4.35% 11.8%
2006 1.9% 20.8%
2005 -0.21% 18%
2004 -1.39% 9.72%
2003 0.28% 1.2%
2002 2.03% -5.91%
2001 5.62% -3.91%
2000 5.55% 3.18%
1999 3.24% -5.99%
1998 2.98% -8.88%
1997 2.65% -2.51%
1996 2.37% -3.25%
1995 2.71% -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/luxembourg/saudi-arabia | CC BY

In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to Saudi Arabia's deficit of $30.9B, or 2.49% of GDP.

Over the past 30 years, Luxembourg recorded a fiscal deficit in 6 of those years, while Saudi Arabia ran a deficit in 18 years. On average, Luxembourg posted an annual surplus equal to 1.57% of GDP, compared to surplus of 0.77% of GDP for Saudi Arabia.

Inflation comparison by year

Inflation
Luxembourg

Saudi Arabia
1x
Year Consumer prices inflation
Luxembourg Saudi Arabia
2024 2.05% 1.69%
2023 3.74% 2.33%
2022 6.34% 2.47%
2021 2.53% 3.06%
2020 0.82% 3.37%
2019 1.74% -1.19%
2018 1.53% 2.47%
2017 1.73% -0.83%
2016 0.29% 2.05%
2015 0.47% 1.22%
2014 0.63% 2.24%
2013 1.73% 3.51%
2012 2.66% 2.87%
2011 3.41% 5.83%
2010 2.27% 5.34%
2009 0.37% 5.06%
2008 3.4% 9.87%
2007 2.31% 4.17%
2006 2.67% 2.21%
2005 2.49% 0.48%
2004 2.23% 0.52%
2003 2.05% 0.61%
2002 2.07% 0.25%
2001 2.66% -1.12%
2000 3.15% -1.12%
1999 1.03% -1.33%
1998 0.96% -0.37%
1997 1.37% 0.06%

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

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

Over the past 28 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 1.99% in Saudi Arabia. In 2024, inflation was 2.05% in Luxembourg and 1.69% in Saudi Arabia.

Top exports between countries

Luxembourg
Export category Export value
Machinery & equipment $26.5M
Metals $23.8M
Chemicals & pharma $4.1M
Raw materials & minerals $2.85M
Textiles & consumer goods $2.7M
Animal & marine products $198K
Miscellaneous $169K
Wood & paper products $54K
Precious metals & jewellery $22K
Processed food, beverages & tobacco $2K
Saudi Arabia
Export category Export value
Machinery & equipment $3.97M
Chemicals & pharma $2.1M
Raw materials & minerals $624K
Textiles & consumer goods $288K
Wood & paper products $10K

Balance of trade

Luxembourg Saudi Arabia
Current account balance
$4.1B
2024
-$16.3B
2024
Current account balance ranking
35/190
2024
180/190
2024
Current account balance, % of GDP
+4.4%
2024
-1.31%
2024
Goods imports
$29.4B
2024
$214B
2024
Goods exports
$31.3B
2024
$306B
2024
Service imports
$117B
2024
$125B
2024
Service exports
$150B
2024
$62.8B
2024
Imports of goods and services, % of GDP
159.7%
2024
25.6%
2024
Exports of goods and services, % of GDP
191.5%
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.

Luxembourg Saudi Arabia
Economic freedom 79.7 65.4
Economic freedom ranking 7/197 65/197
Property rights 96.6 51.4
Government integrity 88.7 52.7
Judicial effectiveness 99.1 38.2
Tax burden 62.3 99.2
Government spending 36.9 77
Fiscal health 98.6 97.9
Business freedom 89.5 71.2
Labor freedom 56.7 41.8
Monetary freedom 74.1 81.2
Trade freedom 79.4 73.8
Investment freedom 95 50
Financial freedom 80 50

Economic freedom comparison by year

Luxembourg
Saudi Arabia
1x
Year Economic freedom index
Luxembourg Saudi Arabia
2026 79.7 65.4
2025 79.5 64.4
2024 79.2 61.9
2023 78.4 58.3
2022 80.6 55.5
2021 76 66
2020 75.8 62.4
2019 75.9 60.7
2018 76.4 59.6
2017 75.9 64.4
2016 73.9 62.1
2015 73.2 62.1
2014 74.2 62.2
2013 74.2 60.6
2012 74.5 62.5
2011 76.2 66.2
2010 75.4 64.1
2009 75.2 64.3
2008 74.7 62.5
2007 74.6 60.9
2006 75.3 63
2005 76.3 63
2004 78.9 60.4
2003 79.9 63.2
2002 79.4 65.3
2001 80.1 62.2
2000 76.4 66.5
1999 72.4 65.5
1998 72.7 69.3
1997 72.8 68.7
1996 72.5 68.3

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

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

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, 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

Luxembourg Saudi Arabia
Services, % of GDP
81.2%
2024
47.1%
2024
Industry, % of GDP
9.66%
2024
44.9%
2024
Agriculture, forestry, and fishing, % of GDP
0.21%
2024
2.54%
2024
GNI, Atlas method
$57.3B
2024
$1.26T
2024
GNI per capita, PPP
$110,650
2024
$71,730
2024
Total reserves including gold
$2.79B
2024
$464B
2024
Total reserves ranking
119/177
2024
7/177
2024
Net foreign direct investment
$21.4B
2024
$6.27B
2024
Net inflows of foreign direct investment
$106B
2024
$21.3B
2024
Net outflows of foreign direct investment
$109B
2024
$27.6B
2024
Poverty at national poverty lines
17.3%
2021
n/a
Gross capital formation, % of GDP
15.8%
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/luxembourg/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 (2023–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

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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.