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Saudi Arabia Economy 2011
https://theodora.com/wfb2011/saudi_arabia/saudi_arabia_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - overview:
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 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. 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):
$622.5 billion (2010 est.)
country comparison to the world: 23

$599.7 billion (2009 est.)
$599.1 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$434.4 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.8% (2010 est.)
country comparison to the world: 89

0.1% (2009 est.)
4.3% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,200 (2010 est.)
country comparison to the world: 55

$23,700 (2009 est.)
$24,000 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 61.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 35.4% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
7.337 million
country comparison to the world: 62
note: about 80% of the labor force is non-national (2009 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.9% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
10.8% (2010 est.)
country comparison to the world: 119

10.5% (2009 est.)
note: data are for Saudi males only (local bank estimates; some estimates range as high as 25%)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
24.5% of GDP (2009 est.)
country comparison to the world: 46
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $185.1 billion
[see also: Budget - revenues country ranks ]
expenditures: $173.1 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
16.7% of GDP (2010 est.)
country comparison to the world: 114

22.6% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
5.7% (2010 est.)
country comparison to the world: 156

5.1% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2008)

NA% (31 December 2007)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$166.9 billion (31 December 2010 est)

$139.1 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$286.9 billion (31 December 2010 est.)

$274.4 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$11.24 billion (31 December 2010 est.)
country comparison to the world: 90

$2.248 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$318.8 billion (31 December 2009)
country comparison to the world: 24

$246.3 billion (31 December 2008)
$515.1 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk

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:
3.1% (2009 est.)
country comparison to the world: 102
[see also: Industrial production growth rate country ranks ]

Electricity - production:
179.1 billion kWh (2007 est.)
country comparison to the world: 21
[see also: Electricity - production country ranks ]

Electricity - consumption:
165.1 billion kWh (2007 est.)
country comparison to the world: 21
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
9.764 million bbl/day (2009 est.)
country comparison to the world: 2
[see also: Oil - production country ranks ]

Oil - consumption:
2.43 million bbl/day (2009 est.)
country comparison to the world: 9
[see also: Oil - consumption country ranks ]

Oil - exports:
8.728 million bbl/day (2007 est.)
country comparison to the world: 1
[see also: Oil - exports country ranks ]

Oil - imports:
79,250 bbl/day (2007 est.)
country comparison to the world: 74
[see also: Oil - imports country ranks ]

Oil - proved reserves:
264.6 billion bbl (1 January 2010 est.)
country comparison to the world: 1
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
77.1 billion cu m (2009 est.)
country comparison to the world: 10
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
77.1 billion cu m (2009 est.)
country comparison to the world: 11
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 130
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 135
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
7.461 trillion cu m (1 January 2010 est.)
country comparison to the world: 5
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$52.03 billion (2010 est.)
country comparison to the world: 6

$22.77 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$235.3 billion (2010 est.)
country comparison to the world: 19

$192.3 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products 90%

Exports - partners:
Japan 15.33%, South Korea 12.71%, US 12.2%, China 10.38%, India 7.12%, Taiwan 4.54%, Singapore 4.25% (2009)

Imports:
$99.17 billion (2010 est.)
country comparison to the world: 32

$87.1 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles

Imports - partners:
US 12.32%, China 12.06%, Germany 7.67%, Japan 6.15%, South Korea 5.32%, India 4.99%, UK 4.72%, France 4.05% (2009)

Reserves of foreign exchange and gold:
$456.2 billion (31 December 2010 est.)
country comparison to the world: 3

$410.1 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$82.92 billion (31 December 2010 est.)
country comparison to the world: 41

$72.77 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$204.3 billion (31 December 2010 est.)
country comparison to the world: 21

$167 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$18 billion (31 December 2010 est.)
country comparison to the world: 45

$11.41 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Saudi riyals (SAR) per US dollar - 3.75 (2010), 3.75 (2009), 3.75 (2008), 3.745 (2007), 3.745 (2006)


NOTE: The information regarding Saudi Arabia on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 2011 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 2011 should be addressed to the CIA.



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