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. Approximately 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.
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 recently introduced a value-added tax of 5%. 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):
$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
GDP (official exchange rate):
$678.5 billion (2017 est.)
GDP - real growth rate:
0.1% (2017 est.)
1.7% (2016 est.)
4.1% (2015 est.)
country comparison to the world: 199
GDP - per capita (PPP):
$55,300 (2017 est.)
$56,300 (2016 est.)
$56,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 21
Gross national saving:
28.8% of GDP (2017 est.)
25.2% of GDP (2016 est.)
26.1% of GDP (2015 est.)
country comparison to the world: 31
GDP - composition, by end use:
household consumption: 41.3%
government consumption: 24.6%
investment in fixed capital: 24.4%
investment in inventories: 4.4%
exports of goods and services: 35.6%
imports of goods and services: -30.3% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.6%
industry: 44.2%
services: 53.2% (2017 est.)
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:
-0.3% (2017 est.)
country comparison to the world: 190
Labor force:
12.34 million
note: comprised of 3.1 million Saudis and 10.7 million non-Saudis (2017 est.)
country comparison to the world: 48
Labor force - by occupation:
agriculture: 6.7%
industry: 21.4%
services: 71.9% (2005 est.)
Unemployment rate:
5.8% (2017 est.)
5.6% (2016 est.)
note: data are for total population; unemployment among Saudi nationals is 12.8%
country comparison to the world: 78
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
45.9 (2013 est.)
country comparison to the world: 36
Budget:
revenues: $171.6 billion
expenditures: $227.8 billion (2017 est.)
Taxes and other revenues:
25.3% of GDP (2017 est.)
country comparison to the world: 111
Budget surplus (+) or deficit (-):
-8.3% of GDP (2017 est.)
country comparison to the world: 200
Public debt:
30% of GDP (2017 est.)
22.3% of GDP (2016 est.)
country comparison to the world: 163
Fiscal year:
calendar year
Inflation rate (consumer prices):
-0.2% (2017 est.)
3.5% (2016 est.)
country comparison to the world: 7
Central bank discount rate:
2.5% (31 December 2008 est.)
country comparison to the world: 111
Commercial bank prime lending rate:
8.3% (31 December 2017 est.)
7.1% (31 December 2016 est.)
country comparison to the world: 103
Stock of narrow money:
$311.2 billion (31 December 2017 est.)
$305.2 billion (31 December 2016 est.)
country comparison to the world: 16
Stock of broad money:
$487.5 billion (31 December 2017 est.)
$476.6 billion (31 December 2016 est.)
country comparison to the world: 23
Stock of domestic credit:
$250.1 billion (31 December 2017 est.)
$221.3 billion (31 December 2016 est.)
country comparison to the world: 40
Market value of publicly traded shares:
$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
Current account balance:
$4.322 billion (2017 est.)
$-27.54 billion (2016 est.)
country comparison to the world: 27
Exports:
$231.3 billion (2017 est.)
$183.6 billion (2016 est.)
country comparison to the world: 22
Exports - commodities:
petroleum and petroleum products 90% (2012 est.)
Exports - partners:
China 13.6%, Japan 11.3%, India 10.7%, US 9.8%, South Korea 9.1%, Singapore 4.7% (2016)
Imports:
$136.8 billion (2017 est.)
$127.8 billion (2016 est.)
country comparison to the world: 33
Imports - commodities:
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
Imports - partners:
China 16.2%, US 15%, Germany 6.3%, Japan 5.3%, UAE 5%, South Korea 4.3% (2016)
Reserves of foreign exchange and gold:
$509 billion (31 December 2017 est.)
$535.8 billion (31 December 2016 est.)
country comparison to the world: 5
Debt - external:
$212.9 billion (31 December 2017 est.)
$189.3 billion (31 December 2016 est.)
country comparison to the world: 36
Stock of direct foreign investment - at home:
$264.6 billion (31 December 2017 est.)
$258.1 billion (31 December 2016 est.)
country comparison to the world: 24
Stock of direct foreign investment - abroad:
$56.09 billion (31 December 2017 est.)
$46.45 billion (31 December 2016 est.)
country comparison to the world: 42
Exchange rates:
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.)