Economy of Saudi Arabia

Economy of Saudi Arabia
Riyadh, the financial center of Saudi Arabia
CurrencySaudi Riyal (SAR)[a]
Calendar year
Trade organisations
WTO, OPEC, and GCC
Country group
Statistics
PopulationIncrease 37,299,502 (2024 census)[5]
GDPDecrease $1.069 trillion (Nominal, 2023 est.)[6]
Increase $3.065 trillion (PPP, 2024 est.)[6]
GDP rank19th (nominal, 2023)
17th (PPP, 2023)
GDP growth
  • Increase 3.2% (2021)[7]
  • Increase 7.6% (2022f)[7]
  • Increase 3.7% (2023f)[7]
GDP per capita
Decrease $36,648 (nominal; 2024)[6]
Increase $82,156 (PPP; 2024)[6]
GDP per capita rank
34th (nominal, 2023)
15th (PPP, 2023)
GDP by sector
(2017 est.)[8]
0.8% (2020 est.)[9]
45.9 high (2013 est.)[8]
Increase 0.875 very high (2021)[10] (35th)
Labour force
13.8 million (2017 est.)[8]
Increase 52.4% employment rate (2018)[12]
Labour force by occupation
(2005 est.)[8]
  • agriculture: 6.7%
  • industry: 21.4%
  • services: 71.9%
UnemploymentNegative increase 7.36% (2021 est.)[8][b]
Main industries
External
ExportsIncrease $286.5 billion (2021 est.)[8]
Export goods
crude petroleum, refined petroleum, polymers, industrial alcohols, natural gas (2019)[8]
Main export partners
Imports$213.0 billion (2021 est.)[8]
Import goods
machinery and equipment, chemicals, packaged medicine, motor vehicles, textiles, broadcasting equipment, telephones[8]
Main import partners
Increase $15.23 billion (2017 est.)[8]
Negative increase $205.1 billion (31 December 2017 est.)[8]
Public finances
Negative increase 17.2% of GDP (2017 est.)
8.9% (of GDP) (2017 est.)[8]
Revenues181 billion (2017 est.)[8]
Expenses241.8 billion (2017 est.)[8]
Increase $451.587 billion (April 2022)[14] (8th)

All values, unless otherwise stated, are in US dollars.

The economy of Saudi Arabia is the largest in the Middle East and the eighteenth-largest in the world.[15] The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.[16]

The kingdom has the second-largest proven petroleum reserves,[17] and the fourth-largest measured natural gas reserves.[18] Saudi Arabia is currently the largest exporter of petroleum in the world.[19] Other major parts of the economy include refining and chemical manufacturing from the oil reserves, much of which is vertically integrated in the state-owned enterprise, Saudi Aramco. Saudi Arabia is permanent and founding member of OPEC

In 2016, the Saudi government launched its Saudi Vision 2030 program to reduce its dependency on oil and diversify its economic resources.[20] By 2022, Saudi Arabia had only modestly reduced its dependence on oil.[16]

Monetary policy in Saudi Arabia is anchored by the fixed exchange rate of the Saudi Riyal to the U.S. Dollar.[21]

  1. ^ Strohecker, Karin (27 April 2016). "Saudi riyal peg pressure eases, but not gone". reuters.com. Reuters. Retrieved 30 September 2023.
  2. ^ Kirkland, Stephen (5 January 2016). "Saudi Riyal Peg Not Sustainable Amid Oil Slide, Commerzbank Says". bloomberg.com. Bloomberg L.P. Retrieved 30 September 2023.
  3. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
  4. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  5. ^ "GASTAT Portal". portal.saudicensus.sa. Retrieved 11 December 2023.
  6. ^ a b c d "World Economic Outlook Database, October 2023 Edition. (SA)". IMF.org. International Monetary Fund. 10 October 2023. Retrieved 10 October 2023.
  7. ^ a b c "WORLD ECONOMIC OUTLOOK 2022 OCT Countering the Cost-of-Living Crisis". www.imf.org. International Monetary Fund. p. 45. Retrieved 11 October 2022.
  8. ^ a b c d e f g h i j k l m n o "MIDDLE EAST :: SAUDI ARABIA". CIA.gov. Central Intelligence Agency. Archived from the original on 19 March 2021. Retrieved 5 March 2020.
  9. ^ "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. Retrieved 24 October 2022.
  10. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 27 June 2016. Retrieved 4 December 2022.
  11. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 4 December 2022.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Saudi Arabia". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 5 March 2020.
  13. ^ a b "Foreign trade partners of Saudi Arabia". The Observatory of Economic Complexity. Archived from the original on 24 June 2021. Retrieved 18 June 2021.
  14. ^ "Monthly Statistics". www.sama.gov.sa. Archived from the original on 22 July 2021. Retrieved 24 October 2021.
  15. ^ "World Economic Outlook Database, April 2023". IMF.org. International Monetary Fund. 10 April 2023. Retrieved 16 August 2023.
  16. ^ a b Dept, International Monetary Fund Middle East and Central Asia (17 August 2022). "Saudi Arabia: Selected Issues". IMF Staff Country Reports. 2022 (275). doi:10.5089/9798400217548.002.A001 (inactive 4 February 2024).{{cite journal}}: CS1 maint: DOI inactive as of February 2024 (link)
  17. ^ "The World's Largest Oil Reserves By Country". WorldAtlas. Archived from the original on 9 May 2019. Retrieved 12 December 2018.
  18. ^ "Country Analysis Executive Summary: Saudi Arabia". eia.gov. Archived from the original on 13 July 2022. Retrieved 19 July 2022.
  19. ^ Workman, Daniel (30 November 2018). "Crude Oil Exports by Country". World's Top Exports. Archived from the original on 9 December 2018. Retrieved 12 December 2018.
  20. ^ Dept, International Monetary Fund Middle East and Central Asia (17 August 2022). "Saudi Arabia: Selected Issues". IMF Staff Country Reports. 2022 (275). doi:10.5089/9798400217548.002.A003 (inactive 4 February 2024).{{cite journal}}: CS1 maint: DOI inactive as of February 2024 (link)
  21. ^ Dept, International Monetary Fund Middle East and Central Asia (17 August 2022). "Saudi Arabia: Selected Issues". IMF Staff Country Reports. 2022 (275). doi:10.5089/9798400217548.002.A002 (inactive 4 February 2024).{{cite journal}}: CS1 maint: DOI inactive as of February 2024 (link)


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