Economy of Saudi Arabia
Riyadh with the Kingdom Centre in the background
|
|
| Currency | Saudi Riyal (hal'l, SR) |
|---|---|
| Calendar year | |
|
Trade organisations
|
WTO, OPEC, G-20 major economies, BIS, ICS, IOS, WCO, GCC, World Bank IMF |
| Statistics | |
| GDP |
$1.900 trillion (PPP; 14th) $752.500 billion (nominal; 19th) |
|
GDP growth
|
3.6% (2014), 3.5% (2015), 1.0% (2016e), 1.6% (2017f) |
|
GDP per capita
|
$55,400 (2015 est.) (PPP; 10th) |
|
GDP by sector
|
agriculture: 3.2%; industry: 60.4%; services: 36.4% (2009 est.) |
| 3% (2014) | |
|
Labour force
|
7.63 million (2009 est.) note: about 80% of the labor force is non-national |
|
Labour force by occupation
|
agriculture: 6.7%; industry: 21.4%; services: 71.9% (2005 est.) |
| Unemployment | 11.4% (2014) |
|
Main industries
|
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 |
| 94th (2017) | |
| External | |
| Exports | $205.3 billion (2016 est.) |
|
Export goods
|
petroleum and petroleum products 90% |
|
Main export partners
|
 China 13.1% Japan 10.9% United States 9.6% India 9.6% South Korea 8.5% (2015) |
| Imports | $157.7 billion (2016 est.) |
|
Import goods
|
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles |
|
Main import partners
|
China 13.9% United States 12.6% Germany 7.1% South Korea 6.1% India 4.5% Japan 4.4% United Kingdom 4.3%(2015) |
|
Gross external debt
|
$127.4 billion (31 December 2012 est.) |
| Public finances | |
| 9.4% of GDP (2009 est.) | |
| Revenues | $162 billion (2015 est.) |
| Expenses | $260 billion (2015 est.) |
| Economic aid | (Donor) $100 million in 1993 to Lebanon; since 2000, Saudi Arabia has committed $307 million to Palestinians; pledged $240 million to Afghanistan; pledged $1 billion in export guarantees and soft loans to Iraq. |
|
Standard & Poor's: AA- (Domestic) AA- (Foreign) AA+ (T&C Assessment) Outlook: Stable Moody's: Aa3 Outlook: Stable Fitch: AA- Outlook: Stable |
|
$1.900 trillion (PPP; 14th)
Saudi Arabia has an oil-based economy with strong government control over major economic activities. The Saudi economy is the largest in the Arab world. Saudi Arabia possesses 18% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, and export earnings. Most workers, particularly in the private sector, are foreigners.
Saudi oil reserves are the second largest in the world, and Saudi Arabia is the world's leading oil exporter and second largest producer. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels (41 km3), about one-quarter of world oil reserves. Petroleum in Saudi Arabia is not only plentiful but under pressure and close to the earth's surface. This makes it far cheaper and thus far more profitable to extract petroleum in Saudi Arabia than in many other places. The petroleum sector accounts for roughly 92.5% of Saudi budget revenues, 97% of export earnings, and 55% of GDP.
Another 40% of GDP comes from the private sector. An estimated 7.5 (2013) million foreigners work legally in Saudi Arabia, playing a crucial role in the Saudi economy, for example, in the oil and service sectors. The government has encouraged private sector growth for many years to lessen the kingdom's dependence on oil, and to increase employment opportunities for the swelling Saudi population. In recent decades the government has begun to permit private sector and foreign investor participation in sectors such as power generation and telecom, and acceded to the WTO. During much of the 2000s, high oil prices enabled the government to post budget surpluses, boost spending on job training and education, infrastructure development, and government salaries. More than 95% of all Saudi oil is produced on behalf of the Saudi Government by the parastatal giant Saudi Aramco, and the remaining 5% by similar parastatal companies as of 2002.
...
Wikipedia