Economy - overview:
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$927.8 billion (2013 est.)
country comparison to the world: 20
$895.8 billion (2012 est.)
$852.1 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$718.5 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
3.6% (2013 est.)
country comparison to the world: 87
5.1% (2012 est.)
8.6% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$31,300 (2013 est.)
country comparison to the world: 44
$30,900 (2012 est.)
$30,000 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
45% of GDP (2013 est.)
country comparison to the world: 7
48.8% of GDP (2012 est.)
50.5% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
29.7%
government consumption:
21.7%
investment in fixed capital:
23.5%
investment in inventories:
3.5%
exports of goods and services:
52.9%
imports of goods and services:
-31.4%
(2013 est.)
agriculture:
2%
industry:
62.5%
services:
35.5% (2013 est.)
wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair, construction
2.7% (2013 est.)
country comparison to the world: 111
[see also: Industrial production growth rate country ranks ]
8.412 million
country comparison to the world: 57
note:
about 80% of the labor force is non-national (2013 est.)
[see also: Labor force country ranks ]
agriculture:
6.7%
industry:
21.4%
services:
71.9% (2005 est.)
10.5% (2013 est.)
country comparison to the world: 112
10.6% (2012 est.)
note:
data are for Saudi males only (local bank estimates; other estimates are as high as 25%)
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$302.6 billion
expenditures:
$258.4 billion (2013 est.)
42.1% of GDP (2013 est.)
country comparison to the world: 30
[see also: Taxes and other revenues country ranks ]
6.2% of GDP (2013 est.)
country comparison to the world: 7
[see also: Budget surplus (+) or deficit (-) country ranks ]
12.2% of GDP (2013 est.)
country comparison to the world: 148
11.8% of GDP (2012 est.)
[see also: Public debt country ranks ]
calendar year
3.7% (2013 est.)
country comparison to the world: 128
2.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
2.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]
6.7% (31 December 2013 est.)
country comparison to the world: 125
6.8% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$263.8 billion (31 December 2013 est.)
country comparison to the world: 17
$236.6 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$416.3 billion (31 December 2013 est.)
country comparison to the world: 26
$371.7 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$-52.29 billion (31 December 2013 est.)
country comparison to the world: 188
$-74.71 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$373.4 billion (31 December 2012 est.)
country comparison to the world: 26
$338.9 billion (31 December 2011)
$353.4 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
$132.2 billion (2013 est.)
country comparison to the world: 3
$164.8 billion (2012 est.)
[see also: Current account balance country ranks ]
$376.3 billion (2013 est.)
country comparison to the world: 16
$388.4 billion (2012 est.)
[see also: Exports country ranks ]
petroleum and petroleum products 90%
US 14.2%, China 13.6%, Japan 13.6%, South Korea 9.9%, India 8.2%, Singapore 4.3% (2012)
$147 billion (2013 est.)
country comparison to the world: 31
$141.8 billion (2012 est.)
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
China 13.5%, US 13.2%, South Korea 6.6%, Germany 6.5%, India 6.3%, Japan 6% (2012)
$739.5 billion (31 December 2013 est.)
country comparison to the world: 4
$656.9 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$149.4 billion (31 December 2013 est.)
country comparison to the world: 36
$136.3 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$240.6 billion (31 December 2013 est.)
country comparison to the world: 24
$223.2 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$26.08 billion (31 December 2013 est.)
country comparison to the world: 45
$22.12 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Saudi riyals (SAR) per US dollar -
3.75 (2013 est.)
3.75 (2012 est.)
3.75 (2010 est.)
3.75 (2009)
3.75 (2008)