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 leader; diversifying portfolio; declining per-capita incomes; young labor force; key human capital gaps; heavy bureaucracy and increasing corruption; substantial poverty; low innovation economy. Key agricultural products in this country include: milk, dates, chicken, wheat, tomatoes, potatoes, watermelons, olives, eggs, onions (2022).
More about the economy of Saudi Arabia
| Labor force | 16.934 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.51% (2023 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 | 7.77% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Saudi riyals (SAR) per US dollar - |
| 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.) |
| Exchange rates 2019 | 3.75 (2019 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $205.1 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $189.3 billion (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $457.949 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $478.232 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $473.89 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $34.07 billion (2023 est.) |
| Current account balance 2022 | $151.519 billion (2022 est.) |
| Current account balance 2021 | $41.718 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 17.2% of GDP (2017 est.) |
| Budget | |
| Revenues | $247.093 billion (2019 est.) |
| Expenditures | $282.4 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.03% of GDP (2023 est.) |
| Remittances 2022 | 0.03% of GDP (2022 est.) |
| Remittances 2021 | 0.03% of GDP (2021 est.) |
| Average household expenditures | |
| On food | 20.5% of household expenditures (2021 est.) |
| On alcohol and tobacco | 0.7% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $291.565 billion (2023 est.) |
| Imports 2022 | $258.213 billion (2022 est.) |
| Imports 2021 | $213.516 billion (2021 est.) |
| Imports (partners) | China 22%, UAE 16%, US 6%, India 6%, Germany 4% (2022) |
| Comodities Imports force | cars, broadcasting equipment, garments, gold, refined petroleum (2022) |
| Exports | |
| Imports 2023 | $291.565 billion (2023 est.) |
| Imports 2022 | $258.213 billion (2022 est.) |
| Imports 2021 | $213.516 billion (2021 est.) |
| Exports (partners) | China 19%, India 13%, Japan 10%, South Korea 10%, US 7% (2022) |
| Comodities Exports force | crude petroleum, refined petroleum, ethylene polymers, plastics, fertilizers (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.831 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.845 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.717 trillion (2021 est.) |
| GDP (official exchange rate) | $1.068 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $49,600 (2023 est.) |
| Real GDP per capita 2022 | $50,700 (2022 est.) |
| Real GDP per capita 2021 | $47,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.6% (2017 est.) |
| Industry | 44.2% (2017 est.) |
| Services | 53.2% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 41.3% (2017 est.) |
| Government consumption | 24.5% (2017 est.) |
| Investment in fixed capital | 23.2% (2017 est.) |
| Investment in inventories | 4.7% (2017 est.) |
| Exports of goods and services | 34.8% (2017 est.) |
| Imports of goods and services | -28.6% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 4.88% (2023 est.) |
| Unemployment rate 2022 | 5.59% (2022 est.) |
| Unemployment rate 2021 | 6.62% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.3% (2023 est.) |
| Male | 12.9% (2023 est.) |
| Female | 24.4% (2023 est.) |
All Important Facts about Saudi Arabia
Want to know more about Saudi Arabia? Check all different factbooks for Saudi Arabia below.
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Saudi Arabia Factbook
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The Economy of Saudi Arabia
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Learn about the Government of Saudi Arabia
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Communication in Saudi Arabia
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Popular Universities in Saudi Arabia
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Enerny in Saudi Arabia
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Transport in Saudi Arabia
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The Geography and society of Saudi Arabia
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The Environment of Saudi Arabia
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Military and security in Saudi Arabia