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Economy of Saudi Arabia vs Singapore compared: GDP & Debt

Updated on by Georank team

Saudi Arabia has a GDP of $1.24T compared to $547B for Singapore, ranking 18/197 and 28/197 by economy size, respectively.

Saudi Arabia has $324B in government debt (26.2% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Saudi Arabia vs Singapore GDP by year

Saudi Arabia
Singapore
1x
Year GDP, current $
Saudi Arabia Singapore
2024 $1,239,804,533,333 $547,386,645,892
2023 $1,218,584,533,333 $505,439,514,078
2022 $1,239,075,200,000 $509,017,841,147
2021 $982,661,066,667 $436,591,382,250
2020 $767,951,200,000 $349,165,858,545
2019 $888,890,133,333 $376,161,998,830
2018 $886,564,800,000 $377,123,710,561
2017 $741,266,133,333 $343,673,334,902
2016 $689,279,466,667 $319,646,468,521
2015 $693,414,400,000 $307,998,545,269
2014 $787,153,066,667 $314,863,580,758
2013 $769,755,733,333 $307,576,360,585
2012 $751,921,333,333 $295,092,888,077
2011 $680,660,800,000 $279,356,499,090
2010 $528,207,466,667 $239,807,980,591
2009 $429,097,866,667 $194,150,283,772
2008 $519,796,800,000 $193,617,323,539
2007 $415,964,509,673 $180,941,701,358
2006 $376,900,133,511 $148,627,286,361
2005 $328,459,608,764 $127,807,848,728
2004 $258,742,133,333 $115,033,593,101
2003 $215,807,733,333 $97,646,401,096
2002 $189,605,866,667 $92,538,372,870
2001 $184,137,600,000 $89,793,790,670
2000 $189,514,933,333 $96,076,539,926
1999 $161,717,066,667 $86,286,849,755
1998 $146,775,466,667 $85,728,207,782
1997 $165,963,684,913 $100,123,787,215
1996 $158,662,483,311 $96,293,086,513
1995 $143,343,124,166 $87,812,540,788
1994 $135,174,899,866 $73,688,724,431
1993 $132,967,957,276 $60,603,815,716
1992 $137,087,850,467 $52,131,320,033
1991 $132,223,230,975 $45,466,164,978
1990 $117,630,173,565 $36,144,336,769
1989 $95,344,459,279 $30,465,364,739
1988 $88,256,074,766 $25,371,462,488
1987 $85,695,861,148 $20,919,215,578
1986 $86,961,922,765 $18,586,746,057
1985 $103,897,846,494 $19,156,532,746
1984 $119,624,858,116 $19,749,361,098
1983 $129,171,635,311 $17,784,112,150
1982 $153,240,313,858 $16,084,252,378
1981 $184,291,360,139 $14,175,228,844
1980 $164,539,660,725 $11,896,256,783
1979 $111,858,444,786 $9,296,921,724
1978 $80,266,516,687 $7,517,176,355
1977 $74,188,986,586 $6,618,585,074
1976 $64,005,665,722 $6,327,077,974
1975 $46,773,208,643 $5,633,673,930
1974 $45,412,957,746 $5,221,534,956
1973 $14,947,435,499 $3,696,213,333
1972 $9,664,267,087 $2,721,440,981
1971 $7,184,806,909 $2,263,785,444
1970 $5,377,333,333 $1,920,574,150
1969 $4,485,777,644 $1,659,893,768
1968 $4,187,777,711 $1,425,706,091
1967 $3,257,022,223 $1,238,035,816
1966 $2,920,555,557 $1,096,425,608
1965 $2,647,955,558 $974,644,096
1964 $2,371,808,713 $894,153,311
1963 $2,207,393,172 $917,608,012
1962 $2,130,606,532 $826,239,212
1961 $1,920,811,284 $764,629,788
1960 $1,748,124,064 $704,751,700

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

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

GDP per capita in Saudi Arabia vs Singapore by year

Saudi Arabia
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Saudi Arabia Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $35,122 $71,375 $90,674 $150,689
2023 $36,157 $71,565 $85,412 $143,786
2022 $38,510 $71,968 $90,299 $143,095
2021 $31,921 $62,690 $80,056 $132,617
2020 $24,339 $47,518 $61,410 $101,518
2019 $29,567 $59,560 $65,952 $105,335
2018 $29,360 $59,378 $66,882 $103,963
2017 $23,929 $53,120 $61,236 $95,744
2016 $22,268 $49,937 $57,006 $89,902
2015 $23,256 $53,931 $55,646 $87,156
2014 $27,805 $62,578 $57,565 $84,555
2013 $27,865 $62,203 $56,967 $83,088
2012 $28,733 $65,034 $55,548 $82,108
2011 $27,127 $64,125 $53,891 $80,052
2010 $22,028 $58,829 $47,237 $75,401
2009 $17,718 $54,787 $38,927 $66,213
2008 $22,320 $57,236 $40,009 $67,735
2007 $18,596 $55,030 $39,433 $68,805
2006 $17,564 $54,639 $33,768 $64,061
2005 $15,976 $53,548 $29,961 $58,822
2004 $13,154 $51,225 $27,608 $54,384
2003 $11,487 $48,078 $23,730 $48,778
2002 $10,586 $45,466 $22,160 $45,083
2001 $10,805 $47,381 $21,700 $43,109
2000 $11,715 $48,644 $23,853 $43,781
1999 $10,452 $47,495 $21,797 $39,949
1998 $9,836 $48,867 $21,829 $37,560
1997 $11,545 $48,796 $26,376 $39,286
1996 $11,472 $48,569 $26,233 $36,873
1995 $10,786 $48,052 $24,915 $35,090
1994 $10,602 $48,904 $21,552 $33,058
1993 $10,885 $49,503 $18,290 $30,062
1992 $11,730 $50,355 $16,136 $27,022
1991 $11,847 $49,295 $14,502 $25,530
1990 $11,055 $46,214 $11,862 $23,815
1989 $9,414 - $10,395 -
1988 $9,165 - $8,914 -
1987 $9,386 - $7,539 -
1986 $10,078 - $6,800 -
1985 $12,745 - $7,002 -
1984 $15,541 - $7,228 -
1983 $17,810 - $6,633 -
1982 $22,454 - $6,078 -
1981 $28,703 - $5,597 -
1980 $27,206 - $4,928 -
1979 $19,612 - $3,901 -
1978 $14,914 - $3,194 -
1977 $14,595 - $2,846 -
1976 $13,313 - $2,759 -
1975 $10,266 - $2,490 -
1974 $10,503 - $2,342 -
1973 $3,640 - $1,685 -
1972 $2,474 - $1,264 -
1971 $1,929 - $1,071 -
1970 $1,509 - $926 -
1969 $1,313 - $813 -
1968 $1,276 - $709 -
1967 $1,032 - $626 -
1966 $961 - $567 -
1965 $904 - $517 -
1964 $840 - $486 -
1963 $812 - $511 -
1962 $813 - $472 -
1961 $760 - $449 -
1960 $718 - $428 -

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

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

Saudi Arabia's GDP per capita is $35,122, ranking 33/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Saudi Arabia ranks 24th at $71,375, while Singapore ranks 2nd at $150,689.

Economic indicators

Saudi Arabia Singapore
Gross domestic product
$1.24T
2024
$547B
2024
GDP rank
18/197
2024
28/197
2024
GDP growth
2%
2023-2024
4.39%
2023-2024
GDP per capita
$35,122
2024
$90,674
2024
GDP per capita rank
33/197
2024
7/197
2024
GDP per capita, PPP
$71,375
2024
$150,689
2024
GDP per capita PPP rank
24/197
2024
2/197
2024
Government debt
$324B
2024
$950B
2024
Debt-to-GDP ratio
26.2%
2024
173.5%
2024
Government debt per person
$9,185
2024
$157,326
2024
Government debt per person rank
58/185
2024
1/185
2024
Average annual personal income after taxes
$23,076
2026
$52,793
2026
Market capitalization of domestic companies
$2.73T
2024
$638B
2024
Number of millionaires
351,855
2025
331,000
2025
Number of billionaires
15
2025
49
2025
Government expenditure, % of GDP
29.6%
2024
14.6%
2024
Consumer prices inflation
1.69%
2023-2024
2.39%
2023-2024
Central bank interest rate
4.25%
2025
n/a
Unemployment rate
3.52%
2024
2.74%
2024
Population
36734925
6125852

Spending and national debt comparison by year

Saudi Arabia
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Saudi Arabia Singapore
Government spending Government debt Government spending Government debt
2024 29.6% 26.2% 14.6% 173.5%
2023 28.3% 23% 14.8% 172.8%
2022 25.3% 21.3% 15% 154.3%
2021 28.2% 25.5% 15.6% 141.7%
2020 37.4% 29.7% 24.1% 148.2%
2019 31.8% 20.3% 14% 127.9%
2018 32.4% 16.8% 13.9% 109.4%
2017 30.9% 15.9% 13.6% 107.6%
2016 33.3% 12.2% 15.3% 106.3%
2015 38.5% 5.47% 14.4% 102.2%
2014 38.6% 1.5% 12.6% 97.7%
2013 34.5% 2.08% 10.9% 98.2%
2012 32.5% 2.97% 9.83% 106.7%
2011 32.4% 5.31% 9.66% 103.1%
2010 33% 8.43% 10.2% 98.7%
2009 37.1% 14% 15.9% 101.7%
2008 26.7% 12.1% 14% 97.9%
2007 29.5% 17.1% 9.01% 87.8%
2006 27.3% 25.8% 12.3% 86.5%
2005 28.2% 37.3% 12.4% 92.7%
2004 31.1% 62.9% 14.1% 95.7%
2003 33.1% 81.6% 15.6% 99.1%
2002 35.9% 96.4% 15.9% 96.3%
2001 36.9% 93.1% 18.2% 94.5%
2000 33.1% 86.7% 16.1% 82.3%
1999 30.3% 103% 15.9% 85.3%
1998 34.5% 101.5% 18.1% 84.6%
1997 35.6% 76.7% 14.5% 70.8%
1996 33.3% 75.2% 18.1% 71.3%
1995 32.4% 74.2% 13.8% 69.8%
1994 33.8% 67.9% 11.7% 70.7%
1993 37.7% 58.6% 14.5% 71.2%
1992 41.2% 47.8% 14.5% 79%
1991 34.9% 39.4% 15.9% 76.4%
1990 39.3% - 15.1% 73.5%

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

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

In 2024, Saudi Arabia's government spending was $367B, accounting for 29.6% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 26.2% in Saudi Arabia and 173.5% in Singapore, ranking 163/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Saudi Arabia

Singapore
1x
Year Deficit/surplus, % of GDP
Saudi Arabia Singapore
2024 -2.49% 4.44%
2023 -1.77% 3.47%
2022 2.24% 1.21%
2021 -1.99% 1.13%
2020 -10.2% -6.73%
2019 -3.96% 3.77%
2018 -5.21% 3.68%
2017 -8.57% 5.24%
2016 -13.2% 3.25%
2015 -14.9% 2.86%
2014 -3.4% 4.6%
2013 5.47% 5.96%
2012 11.7% 7.34%
2011 11.4% 7.96%
2010 4.39% 5.68%
2009 -5.38% -0.09%
2008 29.8% 3.59%
2007 11.8% 7.12%
2006 20.8% 2.16%
2005 18% 2.56%
2004 9.72% 2.06%
2003 1.2% 0.68%
2002 -5.91% 2.23%
2001 -3.91% 1.2%
2000 3.18% 4.59%
1999 -5.99% 5.2%
1998 -8.88% 2.41%
1997 -2.51% 5.66%
1996 -3.25% 1.98%
1995 -5.12% 4.8%
1994 -8.31% 7.9%
1993 -9.33% 4.36%
1992 -8.12% 2.7%
1991 -3.28% 0.68%
1990 - 1.97%

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

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

In 2024, Saudi Arabia's government deficit, the difference between spending and revenue, was $30.9B, equivalent to 2.49% of GDP. This compares to Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 34 years, Saudi Arabia recorded a fiscal deficit in 22 of those years, while Singapore ran a deficit in 2 years. On average, Saudi Arabia posted an annual deficit equal to 0.18% of GDP, compared to surplus of 3.4% of GDP for Singapore.

Inflation comparison by year

Inflation
Saudi Arabia

Singapore
1x
Year Consumer prices inflation
Saudi Arabia Singapore
2024 1.69% 2.39%
2023 2.33% 4.83%
2022 2.47% 6.13%
2021 3.06% 2.32%
2020 3.37% -0.17%
2019 -1.19% 0.57%
2018 2.47% 0.44%
2017 -0.83% 0.58%
2016 2.05% -0.53%
2015 1.22% -0.52%
2014 2.24% 1.03%
2013 3.51% 2.36%
2012 2.87% 4.58%
2011 5.83% 5.25%
2010 5.34% 2.83%
2009 5.06% 0.59%
2008 9.87% 6.64%
2007 4.17% 2.11%
2006 2.21% 0.97%
2005 0.48% 0.43%
2004 0.52% 1.66%
2003 0.61% 0.51%
2002 0.25% -0.39%
2001 -1.12% 1%
2000 -1.12% 1.36%
1999 -1.33% 0.02%
1998 -0.37% -0.27%
1997 0.06% 2%

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

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

Over the past 28 years, Saudi Arabia has recorded an average annual inflation rate of 1.99%, compared with 1.74% in Singapore. In 2024, inflation was 1.69% in Saudi Arabia and 2.39% in Singapore.

Top exports between countries

Saudi Arabia
Export category Export value
Raw materials & minerals $4.58B
Chemicals & pharma $2.3B
Machinery & equipment $725M
Metals $32.4M
Processed food, beverages & tobacco $5.42M
Textiles & consumer goods $3.75M
Precious metals & jewellery $2.35M
Animal & marine products $2.24M
Raw agricultural goods $1.96M
Miscellaneous $107K
Singapore
Export category Export value
Machinery & equipment $802M
Chemicals & pharma $147M
Metals $103M
Miscellaneous $96.8M
Processed food, beverages & tobacco $49.8M
Textiles & consumer goods $34.2M
Raw materials & minerals $30.1M
Animal & marine products $19.9M
Wood & paper products $17.2M
Precious metals & jewellery $10.4M

Balance of trade

Saudi Arabia Singapore
Current account balance
-$16.3B
2024
$96B
2024
Current account balance ranking
180/190
2024
8/190
2024
Current account balance, % of GDP
-1.31%
2024
+17.5%
2024
Goods imports
$214B
2024
$435B
2024
Goods exports
$306B
2024
$583B
2024
Service imports
$125B
2024
$351B
2024
Service exports
$62.8B
2024
$396B
2024
Imports of goods and services, % of GDP
25.6%
2024
143.6%
2024
Exports of goods and services, % of GDP
29.1%
2024
178.8%
2024

Economic freedom indices

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

Saudi Arabia Singapore
Economic freedom 65.4 84.4
Economic freedom ranking 65/197 1/197
Property rights 51.4 89.2
Government integrity 52.7 86.1
Judicial effectiveness 38.2 58.3
Tax burden 99.2 89.5
Government spending 77 93.4
Fiscal health 97.9 80
Business freedom 71.2 90.6
Labor freedom 41.8 77
Monetary freedom 81.2 83.5
Trade freedom 73.8 95
Investment freedom 50 90
Financial freedom 50 80

Economic freedom comparison by year

Saudi Arabia
Singapore
1x
Year Economic freedom index
Saudi Arabia Singapore
2026 65.4 84.4
2025 64.4 84.1
2024 61.9 83.5
2023 58.3 83.9
2022 55.5 84.4
2021 66 89.7
2020 62.4 89.4
2019 60.7 89.4
2018 59.6 88.8
2017 64.4 88.6
2016 62.1 87.8
2015 62.1 89.4
2014 62.2 89.4
2013 60.6 88
2012 62.5 87.5
2011 66.2 87.2
2010 64.1 86.1
2009 64.3 87.1
2008 62.5 87.3
2007 60.9 87.1
2006 63 88
2005 63 88.6
2004 60.4 88.9
2003 63.2 88.2
2002 65.3 87.4
2001 62.2 87.8
2000 66.5 87.7
1999 65.5 86.9
1998 69.3 87
1997 68.7 87.3
1996 68.3 86.5
1995 - 86.3

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

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

The Economic Freedom Index for Saudi Arabia is 65.4, ranking 65/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Saudi Arabia Singapore
Services, % of GDP
47.1%
2024
73%
2024
Industry, % of GDP
44.9%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
2.54%
2024
0.03%
2024
GNI, Atlas method
$1.26T
2024
$451B
2024
GNI per capita, PPP
$71,730
2024
$126,190
2024
Total reserves including gold
$464B
2024
$384B
2024
Total reserves ranking
7/177
2024
9/177
2024
Net foreign direct investment
$6.27B
2024
-$96.7B
2024
Net inflows of foreign direct investment
$21.3B
2024
$152B
2024
Net outflows of foreign direct investment
$27.6B
2024
$55.3B
2024
Gross capital formation, % of GDP
30.2%
2024
22.2%
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/saudi-arabia/singapore | 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 (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.