| Economy | Saudi Arabia |
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Economy - overview:
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Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about one-fifth 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. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Almost 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development. |
GDP (purchasing power parity):
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$676.7 billion (2011 est.)
$635.6 billion (2010 est.)
$610.3 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$24,000 (2011 est.)
$23,100 (2010 est.)
$22,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$560.3 billion (2011 est.) |
GDP - real growth rate:
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6.5% (2011 est.)
4.1% (2010 est.)
0.1% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.1%
industry: 67.6%
services: 30.4% (2011 est.) |
Investment (gross fixed):
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19.2% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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5% (2011 est.)
5.4% (2010 est.) |
Central bank discount rate:
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2.5% (31 December 2008)
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Commercial bank prime lending rate:
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7.2% (31 December 2011 est.)
7.2% (31 December 2010 est.) |
Stock of money:
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$113.6 billion (31 December 2008)
$102.4 billion (31 December 2007) |
Stock of money - per capita:
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4,348 USD per capita |
Stock of quasi money:
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$136.4 billion (31 December 2008)
$109.5 billion (31 December 2007) |
Stock of quasi money - per capita:
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5,220 USD per capita |
Stock of domestic credit:
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$2.96 billion (31 December 2011 est.)
$2.693 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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114 USD per capita |
Stock of narrow money:
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$205.9 billion (31 December 2011 est.)
$166.8 billion (31 December 2010 est.) |
Stock of broad money:
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$335.7 billion (31 December 2011 est.)
$288.1 billion (31 December 2010 est.) |
Labor force:
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7.63 million
note: about 80% of the labor force is non-national (2011 est.) |
Labor force participation rate:
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29.20 % of population |
Labor force - by occupation:
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agriculture: 6.7%
industry: 21.4%
services: 71.9% (2005 est.) |
Unemployment rate:
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10.9% (2011 est.)
10.8% (2010 est.)
note: data are for Saudi males only (local bank estimates; some estimates range as high as 25%) |
Unemployment, youth ages 15-24:
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total: 28.2%
male: 23.6%
female: 45.8% (2008) |
Budget:
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revenues: $293.1 billion
expenditures: $210.6 billion (2011 est.) |
Budget revenues per capita:
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11,217 USD per capita |
Taxes and other revenues:
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52.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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14.7% of GDP (2011 est.) |
Public debt:
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9.4% of GDP (2011 est.)
16.6% of GDP (2010 est.) |
Industries:
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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:
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7.7% (2011 est.) |
Electricity - production:
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194.4 billion kWh (2009 est.) |
Electricity - production per capita:
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7,440 kWh per capita |
Electricity - consumption:
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174.5 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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6,678 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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10.52 million bbl/day (2010 est.) |
Oil - production per capita:
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402,577 bbl/day per capita |
Oil - consumption:
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2.643 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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36.92 bbl/year per capita |
Oil - exports:
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7.635 million bbl/day (2009 est.) |
Oil - imports:
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83,150 bbl/day (2009 est.) |
Oil - proved reserves:
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262.6 billion bbl (1 January 2011 est.) |
Natural gas - production:
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83.94 billion cu m (2010 est.) |
Natural gas - production per capita:
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3,213 cu m per capita |
Natural gas - consumption:
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83.94 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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3,213 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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0 cu m (2010 est.) |
Natural gas - proved reserves:
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7.807 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk |
Current account balance:
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$151.4 billion (2011 est.)
$69.68 billion (2010 est.) |
Current account balance - per capita:
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5,794 USD per capita |
Exports:
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$350.7 billion (2011 est.)
$237.9 billion (2010 est.) |
Exports per capita:
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13,421 USD per capita |
Exports - commodities:
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petroleum and petroleum products 90% |
Exports - partners:
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Japan 14.3%, China 13.1%, US 13%, South Korea 8.8%, India 8.3%, Singapore 4.5% (2010) |
Imports:
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$106.5 billion (2011 est.)
$88.35 billion (2010 est.) |
Imports per capita:
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4,076 USD per capita |
Imports - commodities:
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machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles |
Imports - partners:
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US 12.4%, China 11.1%, Germany 7.1%, Japan 6.9%, France 6.1%, India 4.7%, South Korea 4.2% (2010) |
Reserves of foreign exchange and gold:
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$556.2 billion (31 December 2011 est.)
$445.1 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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21,285 USD per capita |
Debt - external:
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$101 billion (31 December 2011 est.)
$80.95 billion (31 December 2010 est.) |
Debt - external - per capita:
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3,866 USD per capita |
Stock of direct foreign investment - at home:
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$214.7 billion (31 December 2011 est.)
$187.7 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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8,217 USD per capita |
Stock of direct foreign investment - abroad:
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$18.16 billion (31 December 2011 est.)
$14.29 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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695 USD per capita |
Market value of publicly traded shares:
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$353.4 billion (31 December 2010)
$318.8 billion (31 December 2009)
$246.3 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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13,524 USD per capita |
Currency (code):
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Saudi riyal (SAR) |
Exchange rates:
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Saudi riyals (SAR) per US dollar -
3.75 (2011 est.)
3.75 (2010 est.)
3.75 (2009)
3.75 (2008)
3.745 (2007) |
Fiscal year:
|
calendar year |
|
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