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Saudi Arabia Economy 2017
https://theodora.com/wfbcurrent/saudi_arabia/saudi_arabia_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Saudi Arabia Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% 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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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.In 2015, the Kingdom incurred a budget deficit estimated at 13% of GDP, and it faces a deficit of $87 billion in 2016, which will be financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has announced plans to cut capital spending in 2016. Some of these plans to cut deficits include introducing a value-added tax and reducing subsidies on electricity, water, and petroleum products. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the healthcare, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.

GDP (purchasing power parity):
$1.731 trillion (2016 est.) $1.711 trillion (2015 est.) $1.653 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 15
[see also: GDP country ranks ]

GDP (official exchange rate):
$637.8 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.2% (2016 est.) 3.5% (2015 est.) 3.6% (2014 est.)
country comparison to the world: 168
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$54,100 (2016 est.) $54,500 (2015 est.) $53,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 21
[see also: GDP - per capita country ranks ]

Gross national saving:
25% of GDP (2016 est.) 26.4% of GDP (2015 est.) 38.3% of GDP (2014 est.)
country comparison to the world: 48
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 42.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 29.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 5.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 30.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -38% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 42.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 54.7% (2016 est.)
[see also: GDP - composition, by sector of origin - services 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:
0.6% (2016 est.)
country comparison to the world: 161
[see also: Industrial production growth rate country ranks ]

Labor force:
12.02 million
note: about 80% of the labor force is non-national (2016 est.)
country comparison to the world: 47
[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:
11.2% (2016 est.) 11.4% (2015 est.)
note: data are for Saudi males only (local bank estimates; some estimates are as high as 25%)
country comparison to the world: 127
[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 ]

Distribution of family income - Gini index:
45.9 (2013 est.)
country comparison to the world: 37
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $149.7 billion
[see also: Budget revenues country ranks ]
expenditures: $236.7 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
23.5% of GDP (2016 est.)
country comparison to the world: 127
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-13.6% of GDP (2016 est.)
country comparison to the world: 209
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31% of GDP (2016 est.) 15% of GDP (2015 est.)
country comparison to the world: 144
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.4% (2016 est.) 2.2% (2015 est.)
country comparison to the world: 169
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2008)
country comparison to the world: 108
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.1% (31 December 2016 est.) 6.9% (31 December 2015 est.)
country comparison to the world: 115
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$295.5 billion (31 December 2016 est.) $305.5 billion (31 December 2015 est.)
country comparison to the world: 15
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$513.3 billion (31 December 2015 est.) $461.2 billion (31 December 2014 est.)
country comparison to the world: 23
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$221.3 billion (31 December 2016 est.) $134.1 billion (31 December 2015 est.)
country comparison to the world: 42
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$421.1 billion (31 December 2015 est.) $483.1 billion (31 December 2014 est.) $467.4 billion (31 December 2013 est.)
country comparison to the world: 22
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$42.28 billion (2016 est.) -$53.48 billion (2015 est.)
country comparison to the world: 193
[see also: Current account balance country ranks ]

Exports:
$205.3 billion (2016 est.) $202.3 billion (2015 est.)
country comparison to the world: 22
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products 90% (2012 est.)

Exports - partners:
China 13.2%, Japan 10.9%, US 9.6%, India 9.6%, South Korea 8.5% (2015)

Imports:
$157.7 billion (2016 est.) $155 billion (2015 est.)
country comparison to the world: 27
[see also: Imports country ranks ]

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

Imports - partners:
China 13.9%, US 12.7%, Germany 7.1%, South Korea 6.1%, India 4.5%, Japan 4.4%, UK 4.3% (2015)

Reserves of foreign exchange and gold:
$553.7 billion (31 December 2016 est.) $616.4 billion (31 December 2015 est.)
country comparison to the world: 5
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$200.9 billion (31 December 2016 est.) $169.8 billion (31 December 2015 est.)
country comparison to the world: 35
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$258.7 billion (31 December 2016 est.) $250.7 billion (31 December 2015 est.)
country comparison to the world: 24
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$42.95 billion (31 December 2016 est.) $37.98 billion (31 December 2015 est.)
country comparison to the world: 47
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Saudi riyals (SAR) per US dollar - 3.75 (2016 est.) 3.75 (2015 est.) 3.75 (2014 est.) 3.75 (2013 est.) 3.75 (2012 est.)


NOTE: The information regarding Saudi Arabia on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 2017 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 2017 should be addressed to the CIA.




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