| People | 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 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 75% of budget revenues, 45% of GDP, and 90% of export earnings. About 40% of GDP comes from the private sector. Roughly 5.5 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors. High oil prices 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, 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. |
GDP (purchasing power parity):
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$572.2 billion (2007 est.) |
GDP (official exchange rate):
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$374.5 billion (2007 est.) |
GDP - real growth rate:
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4.7% (2007 est.) |
GDP - per capita (PPP):
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$20,700 (2007 est.) |
GDP - composition by sector:
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agriculture: 3%
industry: 61.8%
services: 35.2% (2007 est.) |
Investment (gross fixed):
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18.8% of GDP (2007 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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3.4% (2007 est.) |
Labor force:
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6.488 million
note: more than 35% of the population in the 15-64 age group is non-national (2007 est.) |
Labor force participation rate:
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23.04 % of population |
Labor force - by occupation:
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agriculture: 12%
industry: 25%
services: 63% (1999 est.) |
Unemployment rate:
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13% among Saudi males only (local bank estimate; some estimates range as high as 25%) (2004 est.) |
Budget:
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revenues: $193.7 billion
expenditures: $122.2 billion (2007 est.) |
Budget revenues per capita:
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6,879 USD per capita |
Public debt:
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22.6% of GDP (2007 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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0.2% (2007 est.) |
Electricity - production:
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165.6 billion kWh (2005) |
Electricity - production per capita:
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5,881 kWh per capita |
Electricity - consumption:
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146.9 billion kWh (2005) |
Electricity - consumption - per capita:
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5,217 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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11 million bbl/day (2007 est.) |
Oil - production per capita:
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390,606 bbl/day per capita |
Oil - consumption:
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2 million bbl/day (2005) |
Oil - consumption - per capita:
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25.92 bbl/year per capita |
Oil - exports:
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8.9 million bbl/day (2007 est.) |
Oil - imports:
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0 bbl/day (2004) |
Oil - proved reserves:
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266.8 billion bbl (1 January 2006 est.) |
Natural gas - production:
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68.32 billion cu m (2005 est.) |
Natural gas - production per capita:
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2,427 cu m per capita |
Natural gas - consumption:
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68.32 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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2,427 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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6.568 trillion cu m (1 January 2006 est.) |
Agriculture - products:
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wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk |
Current account balance:
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$88.89 billion (2007 est.) |
Current account balance - per capita:
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3,157 USD per capita |
Exports:
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$215 billion f.o.b. (2007 est.) |
Exports per capita:
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7,635 USD per capita |
Exports - commodities:
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petroleum and petroleum products 90% |
Exports - partners:
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Japan 17.7%, US 15.8%, South Korea 9%, China 7.2%, Taiwan 4.6%, Singapore 4.4% (2006) |
Imports:
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$82.77 billion f.o.b. (2007 est.) |
Imports per capita:
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2,940 USD per capita |
Imports - commodities:
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machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles |
Imports - partners:
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US 12.2%, Germany 9.1%, China 7.9%, Japan 7.3%, UK 4.8%, Italy 4.8%, South Korea 4.1% (2006) |
Reserves of foreign exchange and gold:
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$34 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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1,208 USD per capita |
Debt - external:
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$52.89 billion (31 December 2007 est.) |
Debt - external - per capita:
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1,879 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - abroad:
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$NA |
Market value of publicly traded shares:
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$326.9 billion (2006) |
Economic aid - donor:
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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:
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$26.29 million (2005) |
Economic aid - recipient per capita:
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1 USD per capita |
Currency (code):
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Saudi riyal (SAR) |
Exchange rates:
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Saudi riyals per US dollar - 3.745 (2007), 3.745 (2006), 3.747 (2005), 3.75 (2004), 3.75 (2003) |
Fiscal year:
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calendar year |
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