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.)
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 $398.023 billion (2022 est.)
Expenditures $315.007 billion (2022 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 20.4% of household expenditures (2022 est.)
On alcohol and tobacco 0.7% of household expenditures (2022 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 2.7% (2023 est.)
Industry 47% (2023 est.)
Services 44.9% (2023 est.)
GDP - composition, by end use
Household consumption 40% (2023 est.)
Government consumption 23.3% (2023 est.)
Investment in fixed capital 27.9% (2023 est.)
Investment in inventories 1.4% (2023 est.)
Exports of goods and services 34.7% (2023 est.)
Imports of goods and services -27.4% (2023 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.

Saudi Arabia is found in Western Asia