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Economy of Qatar vs Saudi Arabia compared: GDP & Debt

Updated on by Georank team

Qatar has a GDP of $219B compared to $1.24T for Saudi Arabia, ranking 56/197 and 18/197 by economy size, respectively.

Qatar has $90.2B in government debt (41.2% of GDP), compared to $324B (26.2% of GDP) in Saudi Arabia.

Qatar vs Saudi Arabia GDP by year

Qatar
Saudi Arabia
1x
Year GDP, current $
Qatar Saudi Arabia
2024 $219,162,637,363 $1,239,804,533,333
2023 $217,308,516,484 $1,218,584,533,333
2022 $235,709,340,659 $1,239,075,200,000
2021 $179,732,142,857 $982,661,066,667
2020 $144,411,538,462 $767,951,200,000
2019 $176,371,428,571 $888,890,133,333
2018 $183,335,164,835 $886,564,800,000
2017 $161,099,175,824 $741,266,133,333
2016 $151,732,142,857 $689,279,466,667
2015 $161,739,835,165 $693,414,400,000
2014 $206,224,725,275 $787,153,066,667
2013 $198,727,747,253 $769,755,733,333
2012 $186,833,516,484 $751,921,333,333
2011 $167,775,274,725 $680,660,800,000
2010 $123,627,197,802 $528,207,466,667
2009 $97,798,351,648 $429,097,866,667
2008 $115,270,054,945 $519,796,800,000
2007 $79,712,087,912 $415,964,509,673
2006 $60,882,142,857 $376,900,133,511
2005 $44,530,494,505 $328,459,608,764
2004 $31,734,065,934 $258,742,133,333
2003 $23,533,791,209 $215,807,733,333
2002 $19,363,736,264 $189,605,866,667
2001 $17,538,461,538 $184,137,600,000
2000 $17,759,890,110 $189,514,933,333
1999 $12,393,131,868 $161,717,066,667
1998 $10,255,495,027 $146,775,466,667
1997 $11,297,802,115 $165,963,684,913
1996 $9,059,340,385 $158,662,483,311
1995 $8,137,911,978 $143,343,124,166
1994 $7,374,450,769 $135,174,899,866
1993 $7,156,593,654 $132,967,957,276
1992 $7,646,153,984 $137,087,850,467
1991 $6,883,516,484 $132,223,230,975
1990 $7,360,439,423 $117,630,173,565
1989 $6,487,912,088 $95,344,459,279
1988 $6,038,187,033 $88,256,074,766
1987 $5,446,428,681 $85,695,861,148
1986 $5,053,021,951 $86,961,922,765
1985 $6,153,296,456 $103,897,846,494
1984 $6,704,395,824 $119,624,858,116
1983 $6,467,582,308 $129,171,635,311
1982 $7,596,703,214 $153,240,313,858
1981 $8,661,263,764 $184,291,360,139
1980 $7,829,165,262 $164,539,660,725
1979 $5,632,962,997 $111,858,444,786
1978 $4,052,000,413 $80,266,516,687
1977 $3,617,564,638 $74,188,986,586
1976 $3,284,273,987 $64,005,665,722
1975 $2,512,773,166 $46,773,208,643
1974 $2,401,403,227 $45,412,957,746
1973 $793,885,560 $14,947,435,499
1972 $510,262,500 $9,664,267,087
1971 $387,703,106 $7,184,806,909
1970 $301,791,302 $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/qatar/saudi-arabia | CC BY

GDP per capita in Qatar vs Saudi Arabia by year

Qatar
GDP per capita

GDP per capita, PPP
Saudi Arabia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Qatar Saudi Arabia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $76,689 $126,046 $35,122 $71,375
2023 $81,817 $129,368 $36,157 $71,565
2022 $88,701 $122,921 $38,510 $71,968
2021 $71,752 $116,833 $31,921 $62,690
2020 $51,684 $82,149 $24,339 $47,518
2019 $66,841 $107,503 $29,567 $59,560
2018 $71,040 $110,033 $29,360 $59,378
2017 $63,280 $99,358 $23,929 $53,120
2016 $61,254 $89,935 $22,268 $49,937
2015 $68,985 $102,546 $23,256 $53,931
2014 $95,841 $148,389 $27,805 $62,578
2013 $103,697 $169,203 $27,865 $62,203
2012 $108,470 $180,939 $28,733 $65,034
2011 $103,262 $174,620 $27,127 $64,125
2010 $76,463 $151,646 $22,028 $58,829
2009 $60,786 $125,898 $17,718 $54,787
2008 $80,781 $126,015 $22,320 $57,236
2007 $65,954 $124,056 $18,596 $55,030
2006 $62,582 $127,181 $17,564 $54,639
2005 $53,950 $115,250 $15,976 $53,548
2004 $41,036 $110,958 $13,154 $51,225
2003 $31,602 $94,120 $11,487 $48,078
2002 $27,227 $93,177 $10,586 $45,466
2001 $25,871 $89,805 $10,805 $47,381
2000 $27,535 $88,849 $11,715 $48,644
1999 $20,234 $84,690 $10,452 $47,495
1998 $17,665 $84,486 $9,836 $48,867
1997 $20,523 $79,219 $11,545 $48,796
1996 $17,125 $62,331 $11,472 $48,569
1995 $15,823 $60,321 $10,786 $48,052
1994 $14,765 $59,415 $10,602 $48,904
1993 $14,770 $59,125 $10,885 $49,503
1992 $16,280 $60,387 $11,730 $50,355
1991 $15,133 $54,759 $11,847 $49,295
1990 $16,722 $55,659 $11,055 $46,214
1989 $15,243 - $9,414 -
1988 $14,682 - $9,165 -
1987 $13,719 - $9,386 -
1986 $13,213 - $10,078 -
1985 $16,815 - $12,745 -
1984 $19,272 - $15,541 -
1983 $19,616 - $17,810 -
1982 $24,385 - $22,454 -
1981 $29,505 - $28,703 -
1980 $28,375 - $27,206 -
1979 $21,777 - $19,612 -
1978 $16,757 - $14,914 -
1977 $16,058 - $14,595 -
1976 $15,710 - $13,313 -
1975 $13,014 - $10,266 -
1974 $13,540 - $10,503 -
1973 $4,905 - $3,640 -
1972 $3,483 - $2,474 -
1971 $2,952 - $1,929 -
1970 $2,594 - $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/qatar/saudi-arabia | CC BY

Qatar's GDP per capita is $76,689, ranking 11/197, compared to $35,122 in Saudi Arabia, ranking 33/197. Adjusted for purchasing power (GDP per capita PPP), Qatar ranks 5th at $126,046, while Saudi Arabia ranks 24th at $71,375.

Economic indicators

Qatar Saudi Arabia
Gross domestic product
$219B
2024
$1.24T
2024
GDP rank
56/197
2024
18/197
2024
GDP growth
2.36%
2023-2024
2%
2023-2024
GDP per capita
$76,689
2024
$35,122
2024
GDP per capita rank
11/197
2024
33/197
2024
GDP per capita, PPP
$126,046
2024
$71,375
2024
GDP per capita PPP rank
5/197
2024
24/197
2024
Government debt
$90.2B
2024
$324B
2024
Debt-to-GDP ratio
41.2%
2024
26.2%
2024
Government debt per person
$31,579
2024
$9,185
2024
Government debt per person rank
23/185
2024
58/185
2024
Average annual personal income after taxes
$35,660
2026
$23,076
2026
Market capitalization of domestic companies
$170M
2024
$2.73T
2024
Number of millionaires
26,163
2025
351,855
2025
Number of billionaires
2
2025
15
2025
Income share by richest 10%
25.8%
2017
n/a
Income share by poorest 10%
2.6%
2017
n/a
Government expenditure, % of GDP
26%
2024
29.6%
2024
Consumer prices inflation
1.27%
2023-2024
1.69%
2023-2024
Central bank interest rate
4.1%
2025
4.25%
2025
Unemployment rate
0.13%
2022
3.52%
2024
Population
2999260
36734925

Spending and national debt comparison by year

Qatar
Spending

Debt
Saudi Arabia
Spending

Debt
1x
Year % of GDP
Qatar Saudi Arabia
Government spending Government debt Government spending Government debt
2024 26% 41.2% 29.6% 26.2%
2023 27.3% 43.7% 28.3% 23%
2022 24.3% 42.6% 25.3% 21.3%
2021 29.4% 58.4% 28.2% 25.5%
2020 34.7% 72.6% 37.4% 29.7%
2019 32.5% 62.1% 31.8% 20.3%
2018 28.9% 52.2% 32.4% 16.8%
2017 34.7% 51.6% 30.9% 15.9%
2016 40.1% 46.7% 33.3% 12.2%
2015 38.6% 35.5% 38.5% 5.47%
2014 32.3% 24.9% 38.6% 1.5%
2013 28.3% 30.9% 34.5% 2.08%
2012 31% 32.1% 32.5% 2.97%
2011 28.5% 33.5% 32.4% 5.31%
2010 32% 30.4% 33% 8.43%
2009 36.4% 36% 37.1% 14%
2008 23.5% 11.4% 26.7% 12.1%
2007 29.5% 9.37% 29.5% 17.1%
2006 29.5% 13.9% 27.3% 25.8%
2005 29% 19.1% 28.2% 37.3%
2004 29.9% 30.1% 31.1% 62.9%
2003 28.5% 38.8% 33.1% 81.6%
2002 31.6% 47.7% 35.9% 96.4%
2001 32.1% 59.2% 36.9% 93.1%
2000 29.8% 51.6% 33.1% 86.7%
1999 42.4% 81.8% 30.3% 103%
1998 55.1% 76.6% 34.5% 101.5%
1997 47.6% 54.4% 35.6% 76.7%
1996 55.2% 57.8% 33.3% 75.2%
1995 52.2% 50.2% 32.4% 74.2%
1994 59.8% 54.8% 33.8% 67.9%
1993 62.8% 46.3% 37.7% 58.6%
1992 54.2% 19.9% 41.2% 47.8%
1991 57.5% 21.8% 34.9% 39.4%
1990 50% 12.6% 39.3% -

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

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

In 2024, Qatar's government spending was $56.9B, accounting for 26% of its GDP, while Saudi Arabia spent $367B, or 29.6% of GDP.

Debt-to-GDP ratio is 41.2% in Qatar and 26.2% in Saudi Arabia, ranking 130/185 and 163/185, respectively.

Government deficit by year

Deficit/surplus
Qatar

Saudi Arabia
1x
Year Deficit/surplus, % of GDP
Qatar Saudi Arabia
2024 0.69% -2.49%
2023 5.56% -1.77%
2022 10.4% 2.24%
2021 0.24% -1.99%
2020 -2.13% -10.2%
2019 1% -3.96%
2018 2.26% -5.21%
2017 -6.82% -8.57%
2016 -9.2% -13.2%
2015 18.4% -14.9%
2014 13.4% -3.4%
2013 19.3% 5.47%
2012 8.55% 11.7%
2011 5.24% 11.4%
2010 4.6% 4.39%
2009 14.1% -5.38%
2008 9.49% 29.8%
2007 10.3% 11.8%
2006 8.39% 20.8%
2005 9.8% 18%
2004 17.7% 9.72%
2003 6.71% 1.2%
2002 7.89% -5.91%
2001 4.48% -3.91%
2000 4.62% 3.18%
1999 -4.35% -5.99%
1998 -7% -8.88%
1997 -9.4% -2.51%
1996 -8.73% -3.25%
1995 -5.78% -5.12%
1994 -11.8% -8.31%
1993 -9.53% -9.33%
1992 -2.74% -8.12%
1991 -2.57% -3.28%
1990 3.23% -

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

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

In 2024, Qatar's government surplus, the difference between spending and revenue, was $1.52B, equivalent to 0.69% of GDP. This compares to Saudi Arabia's deficit of $30.9B, or 2.49% of GDP.

Over the past 34 years, Qatar recorded a fiscal deficit in 12 of those years, while Saudi Arabia ran a deficit in 22 years. On average, Qatar posted an annual surplus equal to 3.03% of GDP, compared to deficit of 0.18% of GDP for Saudi Arabia.

Inflation comparison by year

Inflation
Qatar

Saudi Arabia
1x
Year Consumer prices inflation
Qatar Saudi Arabia
2024 1.27% 1.69%
2023 3.03% 2.33%
2022 5% 2.47%
2021 2.3% 3.06%
2020 -2.54% 3.37%
2019 -0.67% -1.19%
2018 0.26% 2.47%
2017 0.39% -0.83%
2016 2.68% 2.05%
2015 1.81% 1.22%
2014 3.35% 2.24%
2013 3.22% 3.51%
2012 2.32% 2.87%
2011 1.14% 5.83%
2010 -2.43% 5.34%
2009 -4.86% 5.06%
2008 15.1% 9.87%
2007 13.8% 4.17%
2006 11.8% 2.21%
2005 8.81% 0.48%
2004 6.8% 0.52%
2003 2.26% 0.61%
2002 0.24% 0.25%
2001 1.47% -1.12%
2000 1.65% -1.12%
1999 2.18% -1.33%
1998 2.95% -0.37%
1997 4.83% 0.06%

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

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

Over the past 28 years, Qatar has recorded an average annual inflation rate of 3.15%, compared with 1.99% in Saudi Arabia. In 2024, inflation was 1.27% in Qatar and 1.69% in Saudi Arabia.

Top exports between countries

Qatar
Export category Export value
Machinery & equipment $272M
Raw materials & minerals $237M
Metals $28.8M
Chemicals & pharma $28.2M
Animal & marine products $21M
Textiles & consumer goods $10.1M
Wood & paper products $5.18M
Weapons & explosives $4.67M
Precious metals & jewellery $3.29M
Processed food, beverages & tobacco $2.38M
Saudi Arabia
Export category Export value
Machinery & equipment $462M
Raw materials & minerals $156M
Chemicals & pharma $104M
Processed food, beverages & tobacco $90.9M
Raw agricultural goods $46.8M
Animal & marine products $41.2M
Textiles & consumer goods $36.1M
Metals $32.9M
Precious metals & jewellery $31.7M
Wood & paper products $28.5M

Balance of trade

Qatar Saudi Arabia
Current account balance
$37.9B
2024
-$16.3B
2024
Current account balance ranking
16/190
2024
180/190
2024
Current account balance, % of GDP
+17.3%
2024
-1.31%
2024
Goods imports
$32.6B
2024
$214B
2024
Goods exports
$95B
2024
$306B
2024
Service imports
$37.1B
2024
$125B
2024
Service exports
$30.2B
2024
$62.8B
2024
Imports of goods and services, % of GDP
31.6%
2022
25.6%
2024
Exports of goods and services, % of GDP
68.6%
2022
29.1%
2024

Economic freedom indices

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

Qatar Saudi Arabia
Economic freedom 70.2 65.4
Economic freedom ranking 37/197 65/197
Property rights 66.2 51.4
Government integrity 53.5 52.7
Judicial effectiveness 41.5 38.2
Tax burden 99.9 99.2
Government spending 79.9 77
Fiscal health 96.6 97.9
Business freedom 68 71.2
Labor freedom 58.5 41.8
Monetary freedom 76 81.2
Trade freedom 81.8 73.8
Investment freedom 60 50
Financial freedom 60 50

Economic freedom comparison by year

Qatar
Saudi Arabia
1x
Year Economic freedom index
Qatar Saudi Arabia
2026 70.2 65.4
2025 70.2 64.4
2024 68.8 61.9
2023 68.6 58.3
2022 67.7 55.5
2021 72 66
2020 72.3 62.4
2019 72.6 60.7
2018 72.6 59.6
2017 73.1 64.4
2016 70.7 62.1
2015 70.8 62.1
2014 71.2 62.2
2013 71.3 60.6
2012 71.3 62.5
2011 70.5 66.2
2010 69 64.1
2009 65.8 64.3
2008 62.2 62.5
2007 62.9 60.9
2006 62.4 63
2005 63.5 63
2004 66.5 60.4
2003 65.9 63.2
2002 61.9 65.3
2001 60 62.2
2000 62 66.5
1999 62 65.5
1998 - 69.3
1997 - 68.7
1996 - 68.3

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

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

The Economic Freedom Index for Qatar is 70.2, ranking 37/197, 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

Qatar Saudi Arabia
Services, % of GDP
46.1%
2024
47.1%
2024
Industry, % of GDP
58.2%
2024
44.9%
2024
Agriculture, forestry, and fishing, % of GDP
0.29%
2024
2.54%
2024
GNI, Atlas method
$221B
2024
$1.26T
2024
GNI per capita, PPP
$121,900
2024
$71,730
2024
Total reserves including gold
$54B
2024
$464B
2024
Total reserves ranking
40/177
2024
7/177
2024
Net foreign direct investment
$1.1B
2024
$6.27B
2024
Net inflows of foreign direct investment
$460M
2024
$21.3B
2024
Net outflows of foreign direct investment
$1.56B
2024
$27.6B
2024
Gross capital formation, % of GDP
30.6%
2022
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/qatar/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)

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.