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Saudi Arabia Economy Profile 2014

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Economy - overviewSaudi 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)$927.8 billion (2013 est.)
$895.8 billion (2012 est.)
$852.1 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$718.5 billion (2013 est.)
GDP - real growth rate3.6% (2013 est.)
5.1% (2012 est.)
8.6% (2011 est.)
GDP - per capita (PPP)$31,300 (2013 est.)
$30,900 (2012 est.)
$30,000 (2011 est.)
note: data are in 2013 US dollars
Gross national saving45% of GDP (2013 est.)
48.8% of GDP (2012 est.)
50.5% of GDP (2011 est.)
GDP - composition, by end usehousehold 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.)
GDP - composition by sectoragriculture: 2%
industry: 62.5%
services: 35.5% (2013 est.)
Population below poverty lineNA%
Labor force8.412 million
note: about 80% of the labor force is non-national (2013 est.)
Labor force - by occupationagriculture: 6.7%
industry: 21.4%
services: 71.9% (2005 est.)
Unemployment rate10.5% (2013 est.)
10.6% (2012 est.)
note: data are for Saudi males only (local bank estimates; other estimates are as high as 25%)
Unemployment, youth ages 15-24total: 28.3%
male: 20.8%
female: 54.4% (2012)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $302.6 billion
expenditures: $258.4 billion (2013 est.)
Taxes and other revenues42.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)6.2% of GDP (2013 est.)
Public debt12.2% of GDP (2013 est.)
11.8% of GDP (2012 est.)
Inflation rate (consumer prices)3.7% (2013 est.)
2.9% (2012 est.)
Central bank discount rate2.5% (31 December 2008)
Commercial bank prime lending rate6.7% (31 December 2013 est.)
6.8% (31 December 2012 est.)
Stock of narrow money$263.8 billion (31 December 2013 est.)
$236.6 billion (31 December 2012 est.)
Stock of broad money$416.3 billion (31 December 2013 est.)
$371.7 billion (31 December 2012 est.)
Stock of domestic credit$-52.29 billion (31 December 2013 est.)
$-74.71 billion (31 December 2012 est.)
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.)
Agriculture - productswheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
Industriescrude 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 rate2.7% (2013 est.)
Current Account Balance$132.2 billion (2013 est.)
$164.8 billion (2012 est.)
Exports$376.3 billion (2013 est.)
$388.4 billion (2012 est.)
Exports - commoditiespetroleum and petroleum products 90%
Exports - partnersUS 14.2%, China 13.6%, Japan 13.6%, South Korea 9.9%, India 8.2%, Singapore 4.3% (2012)
Imports$147 billion (2013 est.)
$141.8 billion (2012 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
Imports - partnersChina 13.5%, US 13.2%, South Korea 6.6%, Germany 6.5%, India 6.3%, Japan 6% (2012)
Reserves of foreign exchange and gold$739.5 billion (31 December 2013 est.)
$656.9 billion (31 December 2012 est.)
Debt - external$149.4 billion (31 December 2013 est.)
$136.3 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$240.6 billion (31 December 2013 est.)
$223.2 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$26.08 billion (31 December 2013 est.)
$22.12 billion (31 December 2012 est.)
Exchange ratesSaudi riyals (SAR) per US dollar -
3.75 (2013 est.)
3.75 (2012 est.)
3.75 (2010 est.)
3.75 (2009)
3.75 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014