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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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 2017, the Kingdom incurred a budget deficit estimated at 8.3% of GDP, which was financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has cut capital spending and reduced subsidies on electricity, water, and petroleum products and plans to introduce a value-added tax. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the health care, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.
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: Distribution of family income - Gini index: 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:
$1.789 trillion (2017 est.)
$1.787 trillion (2016 est.)
$1.756 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 16
$678.5 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
0.1% (2017 est.)
1.7% (2016 est.)
4.1% (2015 est.)
country comparison to the world: 200
[see also: GDP - real growth rate country ranks ]
$55,300 (2017 est.)
$56,300 (2016 est.)
$56,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 21
28.8% of GDP (2017 est.)
25.2% of GDP (2016 est.)
26.1% of GDP (2015 est.)
country comparison to the world: 31
[see also: Gross national saving country ranks ]
household consumption: 41.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 2.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 44.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 53.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
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
-0.3% (2017 est.)
country comparison to the world: 189
[see also: Industrial production growth rate country ranks ]
12.34 million
note: about 80% of the labor force is non-national (2017 est.)
country comparison to the world: 48
[see also: Labor force country ranks ]
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 ]
5.6% (2017 est.)
5.6% (2016 est.)
note: data are for Saudi males only (local bank estimates; some estimates are as high as 25%)
country comparison to the world: 79
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
45.9 (2013 est.)
country comparison to the world: 35
[see also: Distribution of family income - Gini index country ranks ]
revenues: $171.6 billion
[see also: Budget - revenues country ranks ]
expenditures: $227.8 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
25.3% of GDP (2017 est.)
country comparison to the world: 111
[see also: Taxes and other revenues country ranks ]
-8.3% of GDP (2017 est.)
country comparison to the world: 200
[see also: Budget surplus (+) or deficit (-) country ranks ]
30% of GDP (2017 est.)
22.3% of GDP (2016 est.)
country comparison to the world: 162
[see also: Public debt country ranks ]
calendar year
-0.2% (2017 est.)
3.5% (2016 est.)
country comparison to the world: 7
[see also: Inflation rate (consumer prices) country ranks ]
2.5% (31 December 2008)
country comparison to the world: 110
[see also: Central bank discount rate country ranks ]
8.3% (31 December 2017 est.)
7.1% (31 December 2016 est.)
country comparison to the world: 103
[see also: Commercial bank prime lending rate country ranks ]
$311.2 billion (31 December 2017 est.)
$305.2 billion (31 December 2016 est.)
country comparison to the world: 16
[see also: Stock of narrow money country ranks ]
$487.5 billion (31 December 2017 est.)
$476.6 billion (31 December 2016 est.)
country comparison to the world: 23
[see also: Stock of broad money country ranks ]
$250.1 billion (31 December 2017 est.)
$221.3 billion (31 December 2016 est.)
country comparison to the world: 40
[see also: Stock of domestic credit country ranks ]
$421.1 billion (31 December 2015 est.)
$483.1 billion (31 December 2014 est.)
$467.4 billion (31 December 2013 est.)
country comparison to the world: 24
[see also: Market value of publicly traded shares country ranks ]
$4.322 billion (2017 est.)
-$27.54 billion (2016 est.)
country comparison to the world: 27
[see also: Current account balance country ranks ]
$231.3 billion (2017 est.)
$183.6 billion (2016 est.)
country comparison to the world: 22
[see also: Exports country ranks ]
petroleum and petroleum products 90% (2012 est.)
China 13.6%, Japan 11.3%, India 10.7%, US 9.8%, South Korea 9.1%, Singapore 4.7% (2016)
$136.8 billion (2017 est.)
$127.8 billion (2016 est.)
country comparison to the world: 33
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
China 16.2%, US 15%, Germany 6.3%, Japan 5.3%, UAE 5%, South Korea 4.3% (2016)
$509 billion (31 December 2017 est.)
$535.8 billion (31 December 2016 est.)
country comparison to the world: 5
[see also: Reserves of foreign exchange and gold country ranks ]
$212.9 billion (31 December 2017 est.)
$189.3 billion (31 December 2016 est.)
country comparison to the world: 36
[see also: Debt - external country ranks ]
$264.6 billion (31 December 2017 est.)
$258.1 billion (31 December 2016 est.)
country comparison to the world: 24
[see also: Stock of direct foreign investment - at home country ranks ]
$56.09 billion (31 December 2017 est.)
$46.45 billion (31 December 2016 est.)
country comparison to the world: 42
[see also: Stock of direct foreign investment - abroad country ranks ]
Saudi riyals (SAR) per US dollar -
3.75 (2017 est.)
3.75 (2016 est.)
3.75 (2015 est.)
3.75 (2014 est.)
3.75 (2013 est.)