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Saudi Arabia is one of the fastest growing countries in the world and is an economic leader in the Middle East. It is not surpassed in luxury and offers a land rich in cultural traditions, music, sports and weather distinguishing them as a country known to be the birthplace of Islam. Saudi Arabia is getting ready for a future that is even more extensive and all encompassing, on all levels both economically and socially with new state of the art industrial complexes and a solid commitment for business growth.
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Home » FACTS » Economy

Economy

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 20% 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. Almost 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 December 2005 after many years of negotiations. 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
GDP (purchasing power parity):
$622.5 billion (2010 est.)
Country comparison to the world: 23
$599.7 billion (2009 est.)
$599.1 billion (2008 est.)
note: data are in 2010 US dollars

GDP (official exchange rate):
$434.4 billion (2010 est.)

GDP - real growth rate:
3.8% (2010 est.)
Country comparison to the world: 89
0.1% (2009 est.)
4.3% (2008 est.)

GDP - per capita (PPP):
$24,200 (2010 est.)
Country comparison to the world: 55
$23,700 (2009 est.)
$24,000 (2008 est.)
Note: data are in 2010 US dollars

GDP - composition by sector:
Agriculture: 2.7%
Industry: 61.9%
Services: 35.4% (2010 est.)

 Labor
Labor force:
7.337 million
Country comparison to the world: 62
Note: about 80% of the labor force is non-national (2010 est.)

Labor force - by occupation:
Agriculture: 6.7%
Industry: 21.4%
Services: 71.9% (2005 est.)

 Employment & Income

Unemployment rate:
10.8% (2010 est.)
Country comparison to the world: 119
10.5% (2009 est.)
Note: data are for Saudi males only (local bank estimates; some estimates range as high as 25%)

Population below poverty line:
NA%

Household income or consumption by percentage share:
Lowest 10%: NA%
Highest 10%: NA%

 Stock
Stock of narrow money:
$166.9 billion (31 December 2010 est)
Country comparison to the world: 20
$139.1 billion (31 December 2009 est)

Stock of broad money:
$286.9 billion (31 December 2010 est.)
Country comparison to the world: 29
$274.4 billion (31 December 2009 est.)

Stock of domestic credit:
$11.24 billion (31 December 2010 est.)
Country comparison to the world: 90
$2.248 billion (31 December 2009 est.)

Stock of direct foreign investment - at home:
$204.3 billion (31 December 2010 est.)
Country comparison to the world: 21
$167 billion (31 December 2009 est.)

Stock of direct foreign investment - abroad:
$18 billion (31 December 2010 est.)
country comparison to the world: 45
$11.41 billion (31 December 2009 est.)

 Exports:
$235.3 billion (2010 est.)
Country comparison to the world: 19
$192.3 billion (2009 est.)

Exports - commodities:
Petroleum and petroleum products 90%

Exports - partners:
Japan 15.33%, South Korea 12.71%, US 12.2%, China 10.38%, India 7.12%, Taiwan 4.54%, Singapore 4.25% (2009)

 Imports:
$99.17 billion (2010 est.)
Country comparison to the world: 32
$87.1 billion (2009 est.)

Imports - commodities:
Machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles

Imports - partners:
US 12.32%, China 12.06%, Germany 7.67%, Japan 6.15%, South Korea 5.32%, India 4.99%, UK 4.72%, France 4.05% (2009)

 

 Agriculture - Products
wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk

 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

 Industrial production growth rate:
3.1% (2010 est.)
Country comparison to the world: 102

 Electricity
Electricity - production:
179.1 billion kWh (2007 est.)
Country comparison to the world: 21

Electricity - consumption:
165.1 billion kWh (2007 est.)
Country comparison to the world: 21

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

 Oil
Oil - production:
9.764 million bbl/day (2009 est.)
Country comparison to the world: 2

Oil - consumption:
2.43 million bbl/day (2009 est.)
Country comparison to the world: 9

Oil - exports:
8.728 million bbl/day (2007 est.)
Country comparison to the world: 1

Oil - imports:
79,250 bbl/day (2007 est.)
Country comparison to the world: 73

Oil - proved reserves:
264.6 billion bbl (1 January 2010 est.)
Country comparison to the world: 1

 Natural gas
Natural gas - production:
77.1 billion cu m (2009 est.)
Country comparison to the world: 10

Natural gas - consumption:
77.1 billion cu m (2009 est.)
Country comparison to the world: 11

Natural gas - exports:
0 cu m (2008 est.)
Country comparison to the world: 130

Natural gas - imports:
0 cu m (2008 est.)
Country comparison to the world: 135

Natural gas - proved reserves:
7.461 trillion cu m (1 January 2010 est.)
Country comparison to the world: 5

 Current account balance:
$52.03 billion (2010 est.)
Country comparison to the world: 6
$22.77 billion (2009 est.)

 Reserves of foreign exchange and gold:
$456.2 billion (31 December 2010 est.)
Country comparison to the world: 3
$410.1 billion (31 December 2009 est.)

 Debt - external:
$82.92 billion (31 December 2010 est.)
Country comparison to the world: 41
$72.77 billion (31 December 2009 est.)

 Exchange rates:
Saudi riyals (SAR) per US dollar - 3.75 (2010), 3.75 (2009), 3.75 (2008), 3.745 (2007), 3.745 (2006)
 

Investment (gross fixed):
24.5% of GDP (2010 est.)
Country comparison to the world: 46

Public debt:
16.7% of GDP (2010 est.)
Country comparison to the world: 114
22.6% of GDP (2009 est.)

Inflation rate (consumer prices):
5.7% (2010 est.)
Country comparison to the world: 156
5.1% (2009 est.)

Central bank discount rate:
2.5% (31 December 2008)
NA% (31 December 2007)

Commercial bank prime lending rate:
NA%

Market value of publicly traded shares:
$318.8 billion (31 December 2009)
Country comparison to the world: 23
$246.3 billion (31 December 2008)
$515.1 billion (31 December 2007)
 

 

 

 

 
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