Economy of Saudi Arabia

Economy of Saudi Arabia
	Riyadh, the financial center of Saudi Arabia
Currency	Saudi Riyal (SAR)
Fiscal year	Calendar year
Trade organisations	WTO, OPEC, and GCC
Country group	Developing/Emerging; High income economy;
Statistics
Population	37,299,502 (2024 census)
GDP	$1.106 trillion (Nominal, 2024 est.); $3.354 trillion (PPP, 2024 est.)
GDP rank	19th (nominal, 2024); 17th (PPP, 2024)
GDP growth	3.2% (2021); 7.6% (2022f); 3.7% (2023f);
GDP per capita	$36,648 (nominal; 2024); $82,156 (PPP; 2024)
GDP per capita rank	34th (nominal, 2023); 15th (PPP, 2023)
GDP by sector	(2017 est.) Agriculture: 2.6%; Industry: 44.2%; Services: 53.2%;
Inflation (CPI)	0.8% (2020 est.)
Gini coefficient	45.9 high (2013 est.)
Human Development Index	0.875 very high (2021) (35th) N/A IHDI (2021);
Labour force	13.8 million (2017 est.); 52.4% employment rate (2018)
Labour force by occupation	(2005 est.) agriculture: 6.7%; industry: 21.4%; services: 71.9%;
Unemployment	7.36% (2021 est.)
Main industries	Crude oil production; petroleum refining; petrochemicals; ammonia; industrial gases; sodium hydroxide; cement; fertilizer; plastics; metals; ship repair; aircraft repair; construction;
External
Exports	$286.5 billion (2021 est.)
Export goods	crude petroleum, refined petroleum, polymers, industrial alcohols, natural gas (2019)
Main export partners	China 20.1%; Singapore 3.44%; Japan 10.8%; South Korea 8.58%; United States 5.37%; France 3%; United Arab Emirates 2.9%; Egypt 2.22% (2019);
Imports	$213.0 billion (2021 est.)
Import goods	machinery and equipment, chemicals, packaged medicine, motor vehicles, textiles, broadcasting equipment, telephones
Main import partners	India 18%; United Arab Emirates 12.1%; United States 9.01%; Germany 4.77%; Japan 4.41%; Pakistan 4.28%; United Kingdom 2.8%; South Korea 2.65%; Netherlands 2.62%; Italy 2.6% (2019);
Current account	$15.23 billion (2017 est.)
Gross external debt	$205.1 billion (31 December 2017 est.)
Public finances
Government debt	17.2% of GDP (2017 est.)
Budget balance	8.9% (of GDP) (2017 est.)
Revenues	181 billion (2017 est.)
Expenses	241.8 billion (2017 est.)
Foreign reserves	$451.587 billion (April 2022) (8th)
	; All values, unless otherwise stated, are in US dollars.

The economy of Saudi Arabia is the largest in the Middle East and the eighteenth-largest in the world. The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.

The kingdom has the second-largest proven petroleum reserves, and the fourth-largest measured natural gas reserves. Saudi Arabia is currently the largest exporter of petroleum in the world. Other major parts of the economy include refining and chemical manufacturing from the oil reserves, much of which is vertically integrated in the state-owned enterprise, Saudi Aramco. Saudi Arabia is permanent and founding member of OPEC

In 2016, the Saudi government launched its Saudi Vision 2030 program to reduce its dependency on oil and diversify its economic resources. By 2022, Saudi Arabia had only modestly reduced its dependence on oil.

Monetary policy in Saudi Arabia is anchored by the fixed exchange rate of the Saudi Riyal to the U.S. Dollar.

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