Saudi Arabia - Economy
How is the economy of Saudi Arabia? Based on the information we have, Saudi Arabia has a

high-income, oil-based Middle Eastern economy; OPEC founding member; Vision 2030 strategy prioritizing economic diversification, increased private sector involvement, and projects funded by sovereign wealth fund and foreign investment; young labor force; falling but significant poverty rate despite lack of official statistics

. Key agricultural products in this country include: milk, dates, chicken, wheat, tomatoes, watermelons, potatoes, olives, eggs, onions (2023).
More about the economy of Saudi Arabia
Labor force 17.168 million (2024 est.)
Industrial production growth rate -1.3% (2024 est.)
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
Population below poverty line
Taxes and other revenues 7.8% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Saudi riyals (SAR) per US dollar -
Exchange rates 2024 3.75 (2024 est.)
Exchange rates 2023 3.75 (2023 est.)
Exchange rates 2022 3.75 (2022 est.)
Exchange rates 2021 3.75 (2021 est.)
Exchange rates 2020 3.75 (2020 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $463.87 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $457.949 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $478.232 billion (2022 est.)
Current account balance
Current account balance 2024 -$5.685 billion (2024 est.)
Current account balance 2023 $35.133 billion (2023 est.)
Current account balance 2022 $150.353 billion (2022 est.)
Public debt
Public debt 2016 13.1% of GDP (2016 est.)
Budget
Revenues $378.413 billion (2023 est.)
Expenditures $388.489 billion (2023 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2024 0% of GDP (2024 est.)
Remittances 2023 0% of GDP (2023 est.)
Remittances 2022 0% of GDP (2022 est.)
Average household expenditures
On food 20.5% of household expenditures (2023 est.)
On alcohol and tobacco 0.7% of household expenditures (2023 est.)
Imports
Imports 2024 $317.012 billion (2024 est.)
Imports 2023 $289.91 billion (2023 est.)
Imports 2022 $258.371 billion (2022 est.)
Imports (partners) China 21%, UAE 8%, USA 7%, India 6%, Germany 5% (2023)
Comodities Imports force cars, refined petroleum, gold, broadcasting equipment, packaged medicine (2023)
Exports
Imports 2024 $317.012 billion (2024 est.)
Imports 2023 $289.91 billion (2023 est.)
Imports 2022 $258.371 billion (2022 est.)
Exports (partners) China 21%, India 12%, Japan 12%, USA 6%, UAE 4% (2023)
Comodities Exports force crude petroleum, refined petroleum, plastics, alcohols, ships (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $2.213 trillion (2024 est.)
Real GDP (purchasing power parity) 2023 $2.173 trillion (2023 est.)
Real GDP (purchasing power parity) 2022 $2.161 trillion (2022 est.)
GDP (official exchange rate) $1.238 trillion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $62,700 (2024 est.)
Real GDP per capita 2023 $64,500 (2023 est.)
Real GDP per capita 2022 $67,200 (2022 est.)
GDP - composition, by sector of origin
Agriculture 2.5% (2024 est.)
Industry 44.8% (2024 est.)
Services 47.2% (2024 est.)
GDP - composition, by end use
Household consumption 45% (2024 est.)
Government consumption 21.4% (2024 est.)
Investment in fixed capital 28.7% (2024 est.)
Investment in inventories 1.4% (2024 est.)
Exports of goods and services 29.2% (2024 est.)
Imports of goods and services -25.6% (2024 est.)
Unemployment rate
Unemployment rate 2024 3.9% (2024 est.)
Unemployment rate 2023 4.1% (2023 est.)
Unemployment rate 2022 5.6% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 13.8% (2024 est.)
Male 9.8% (2024 est.)
Female 23.8% (2024 est.)
All Important Facts about Saudi Arabia

Want to know more about Saudi Arabia? Check all different factbooks for Saudi Arabia below.

Saudi Arabia is found in Western Asia