| Economy | Saudi Arabia |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses more than 20% 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 80% of budget revenues, 45% of GDP, and 90% of export earnings. About 40% of GDP comes from the private sector. Roughly 6.4 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors. High oil prices through mid-2008 have boosted growth, government revenues, and Saudi ownership of foreign assets, while enabling Riyadh to pay down domestic debt. The government is encouraging private sector growth - especially in power generation, telecommunications, natural gas exploration, and petrochemicals - to lessen the kingdom's dependence on oil exports and to increase employment opportunities for the swelling Saudi population, nearly 40% of which are youths under 15 years old. Unemployment is high, and the large youth population generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, infrastructure development, and government salaries. As part of its effort to attract foreign investment and diversify the economy, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has announced plans to establish six "economic cities" in different regions of the country to promote development and diversification. The last five years of high oil prices have given the Kingdom ample financial reserves to manage the impact of the global financial crisis, but tight international credit, falling oil prices, and the global economic slowdown will reduce Saudi economic growth in 2009. |
GDP (purchasing power parity):
|
$582.8 billion (2008 est.)
$553.5 billion (2007)
$535.3 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$20,700 (2008 est.)
$20,100 (2007 est.)
$19,800 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$467.7 billion (2008 est.) |
GDP - real growth rate:
|
4.2% (2008 est.)
3.4% (2007 est.)
3.2% (2006 est.) |
GDP - composition by sector:
|
agriculture: 3.1%
industry: 61.6%
services: 35.4% (2008 est.) |
Investment (gross fixed):
|
19.5% of GDP (2008 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
10.3% (2008 est.) |
Central bank discount rate:
|
2.5% (31 December 2008) |
Commercial bank prime lending rate:
|
NA |
Stock of money:
|
$113.2 billion (31 December 2008) |
Stock of money - per capita:
|
3,947 USD per capita |
Stock of quasi money:
|
$134.3 billion (31 December 2008) |
Stock of quasi money - per capita:
|
4,682 USD per capita |
Stock of domestic credit:
|
$66.94 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
2,334 USD per capita |
Labor force:
|
6.74 million
note: about one-third of the population in the 15-64 age group is non-national (2008 est.) |
Labor force participation rate:
|
23.50 % of population |
Labor force - by occupation:
|
agriculture: 6.7%
industry: 21.4%
services: 71.9% (2005 est.) |
Unemployment rate:
|
8.8% among Saudi males only (local bank estimate; some estimates range as high as 25%) (2008 est.) |
Budget:
|
revenues: $293 billion
expenditures: $136 billion (2008 est.) |
Budget revenues per capita:
|
10,214 USD per capita |
Public debt:
|
13.5% of GDP (2008 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 |
Industrial production growth rate:
|
4.5% (2008 est.) |
Electricity - production:
|
179.1 billion kWh (2007 est.) |
Electricity - production per capita:
|
6,244 kWh per capita |
Electricity - consumption:
|
156.8 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
5,466 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
9.2 million bbl/day (2008 est.) |
Oil - production per capita:
|
320,707 bbl/day per capita |
Oil - consumption:
|
1 million bbl/day (2008 est.) |
Oil - consumption - per capita:
|
12.72 bbl/year per capita |
Oil - exports:
|
8.2 million bbl/day (2007 est.) |
Oil - imports:
|
41,680 bbl/day (2005) |
Oil - proved reserves:
|
266.8 billion bbl (1 January 2008 est.) |
Natural gas - production:
|
75.9 billion cu m (2007 est.) |
Natural gas - production per capita:
|
2,646 cu m per capita |
Natural gas - consumption:
|
75.9 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
2,646 cu m per capita |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
7.167 trillion cu m (1 January 2008 est.) |
Agriculture - products:
|
wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk |
Current account balance:
|
$151 billion (2008 est.) |
Current account balance - per capita:
|
1 USD per capita |
Exports:
|
$311.1 billion f.o.b. (2008 est.) |
Exports per capita:
|
10,845 USD per capita |
Exports - commodities:
|
petroleum and petroleum products 90% |
Exports - partners:
|
US 17.1%, Japan 16.3%, South Korea 9.7%, China 8.1%, Taiwan 4.7%, Singapore 4% (2007) |
Imports:
|
$92.4 billion f.o.b. (2008 est.) |
Imports per capita:
|
3,222 USD per capita |
Imports - commodities:
|
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles |
Imports - partners:
|
US 12.6%, China 9.4%, Germany 8.8%, Japan 8.1%, Italy 5%, South Korea 4.9%, UK 4.5% (2007) |
Reserves of foreign exchange and gold:
|
$28.5 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
994 USD per capita |
Debt - external:
|
$63.2 billion (31 December 2008 est.) |
Debt - external - per capita:
|
2,204 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$246.4 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
8,590 USD per capita |
Economic aid - donor:
|
since 2002, Saudi Arabia has provided more than $480 million in budgetary support to the Palestinian Authority, supported Palestinian refugees through contributions to the UN Relief and Works Agency (UNRWA), provided more than $250 million to Arab League funds for the Palestinians, and pledged $500 million in assistance over the next three years at the Donors Conference in Dec 2007; pledged $230 million to development in Afghanistan; pledged $1 billion in export guarantees and soft loans to Iraq; pledged $133 million in direct grant aid, $187 million in concessional loans, and $153 million in export credits for Pakistan earthquake relief; pledged a total of $1.59 billion to Lebanon in assistance and deposits to the Central Bank of Lebanon in 2006 and pledged an additional $1.1 billion in early 2007 |
Economic aid - recipient:
|
$26.29 million (2005) |
Economic aid - recipient per capita:
|
1 USD per capita |
Currency (code):
|
Saudi riyal (SAR) |
Exchange rates:
|
Saudi riyals (SAR) per US dollar - 3.75 (2008 est.), 3.745 (2007), 3.745 (2006), 3.747 (2005), 3.75 (2004) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
