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.In 2015 the Kingdom incurred a budget deficit estimated at 20% of GDP, and it faces deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has announced plans to cut capital spending in 2016.

GDP (purchasing power parity):
$1.681 trillion (2015 est.) $1.625 trillion (2014 est.) $1.571 trillion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 15
[see also: GDP country ranks ]

GDP (official exchange rate):
$665.5 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2015 est.) 3.5% (2014 est.) 2.7% (2013 est.)
country comparison to the world: 85
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$54,600 (2015 est.) $52,800 (2014 est.) $51,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 21
[see also: GDP - per capita country ranks ]

Gross national saving:
26.1% of GDP (2015 est.) 38.1% of GDP (2014 est.) 44.4% of GDP (2013 est.)
country comparison to the world: 43
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 38.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 31%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -37.6% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 46.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 50.8% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
2.8% (2015 est.)
country comparison to the world: 91
[see also: Industrial production growth rate country ranks ]

Labor force:
11.67 million
note: about 80% of the labor force is non-national (2015 est.)
country comparison to the world: 49
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.9% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.4% (2015 est.) 11.6% (2014 est.)
note: data are for Saudi males only (local bank estimates; some estimates are as high as 25%)
country comparison to the world: 129
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $193 billion
[see also: Budget revenues country ranks ]
expenditures: $318 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
29% of GDP (2015 est.)
country comparison to the world: 90
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-18.8% of GDP (2015 est.)
country comparison to the world: 216
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
7.8% of GDP (2015 est.) 9.3% of GDP (2014 est.)
country comparison to the world: 170
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.3% (2015 est.) 2.7% (2014 est.)
country comparison to the world: 122
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2008)
country comparison to the world: 109
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.7% (31 December 2015 est.) 6.8% (31 December 2014 est.)
country comparison to the world: 124
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$341.3 billion (31 December 2015 est.) $304.8 billion (31 December 2014 est.)
country comparison to the world: 16
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$513.3 billion (31 December 2015 est.) $461.2 billion (31 December 2014 est.)
country comparison to the world: 23
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$24 billion (31 December 2015 est.) $-38.16 billion (31 December 2014 est.)
country comparison to the world: 82
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$373.4 billion (31 December 2012 est.) $338.9 billion (31 December 2011) $353.4 billion (31 December 2010 est.)
country comparison to the world: 26
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$22.38 billion (2015 est.) $76.92 billion (2014 est.)
country comparison to the world: 188
[see also: Current account balance country ranks ]

Exports:
$222.6 billion (2015 est.) $342.3 billion (2014 est.)
country comparison to the world: 22
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products 90% (2012 est.)

Exports - partners:
China 13.3%, Japan 13%, US 12.9%, South Korea 10%, India 8.9%, Singapore 4% (2014)

Imports:
$160 billion (2015 est.) $158.5 billion (2014 est.)
country comparison to the world: 28
[see also: Imports country ranks ]

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

Imports - partners:
China 13.3%, US 12.1%, India 8.3%, Germany 6.5%, South Korea 5.4%, Japan 4.9% (2014)

Reserves of foreign exchange and gold:
$660.1 billion (31 December 2015 est.) $732.4 billion (31 December 2014 est.)
country comparison to the world: 4
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$166.1 billion (31 December 2014 est.) $155.7 billion (31 December 2013 est.)
country comparison to the world: 39
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$250.3 billion (31 December 2015 est.) $242.6 billion (31 December 2014 est.)
country comparison to the world: 26
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$37.32 billion (31 December 2015 est.) $32.46 billion (31 December 2014 est.)
country comparison to the world: 49
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Saudi riyals (SAR) per US dollar - 3.75 (2015 est.) 3.75 (2014 est.) 3.75 (2013 est.) 3.75 (2012 est.) 3.75 (2011 est.)