Saudi Arabia Economy - 2023

Economic overview

high-income, oil-based Middle Eastern economy; OPEC leader; diversifying portfolio; declining per-capita incomes; young labor force; key human capital gaps; heavy bureaucracy and increasing corruption; substantial poverty; low innovation economy

Real GDP (purchasing power parity)

$1.594 trillion (2021 est.)

$1.544 trillion (2020 est.)

$1.611 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.24% (2021 est.)

-4.14% (2020 est.)

0.33% (2019 est.)

Real GDP per capita

$44,300 (2021 est.)

$42,900 (2020 est.)

$45,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$792.849 billion (2019 est.)

Inflation rate (consumer prices)

3.06% (2021 est.)

3.45% (2020 est.)

-2.09% (2019 est.)

Credit ratings

Fitch rating: A (2019)

Moody's rating: A1 (2016)

Standard & Poors rating: A- (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.6% (2017 est.)

industry: 44.2% (2017 est.)

services: 53.2% (2017 est.)

GDP - composition, by end use

household consumption: 41.3% (2017 est.)

government consumption: 24.5% (2017 est.)

investment in fixed capital: 23.2% (2017 est.)

investment in inventories: 4.7% (2017 est.)

exports of goods and services: 34.8% (2017 est.)

imports of goods and services: -28.6% (2017 est.)

Agricultural products

milk, dates, poultry, fruit, watermelons, barley, wheat, potatoes, eggs, tomatoes

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

1.71% (2021 est.)

Labor force

16.06 million (2021 est.)

note: comprised of 3.1 million Saudis and 10.7 million non-Saudis

Labor force - by occupation

agriculture: 6.7%

industry: 21.4%

services: 71.9% (2005 est.)

Unemployment rate

7.36% (2021 est.)

7.45% (2020 est.)

5.67% (2019 est.)

note: data are for total population; unemployment among Saudi nationals is more than double

Youth unemployment rate (ages 15-24)

total: 28.8%

male: 22.4%

female: 47.9% (2021 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

45.9 (2013 est.)

Average household expenditures

on food: 20.6% of household expenditures (2018 est.)

on alcohol and tobacco: 0.6% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $247.093 billion (2019 est.)

expenditures: $282.4 billion (2019 est.)

Budget surplus (+) or deficit (-)

-8.9% (of GDP) (2017 est.)

Public debt

17.2% of GDP (2017 est.)

13.1% of GDP (2016 est.)

Taxes and other revenues

8.6% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$44.324 billion (2021 est.)

-$22.814 billion (2020 est.)

$38.23 billion (2019 est.)

Exports

$286.502 billion (2021 est.) note: data are in current year dollars

$182.848 billion (2020 est.) note: data are in current year dollars

$285.86 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 20%, India 11%, Japan 11%, South Korea 9%, United States 5% (2019)

Exports - commodities

crude petroleum, refined petroleum, polymers, industrial alcohols, natural gas (2019)

Imports

$213.016 billion (2021 est.) note: data are in current year dollars

$182.184 billion (2020 est.) note: data are in current year dollars

$218.941 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 18%, United Arab Emirates 12%, United States 9%, Germany 5% (2019)

Imports - commodities

cars, broadcasting equipment, refined petroleum, packaged medicines, telephones (2019)

Reserves of foreign exchange and gold

$473.89 billion (31 December 2021 est.)

$472.851 billion (31 December 2020 est.)

$514.963 billion (31 December 2019 est.)

Debt - external

$205.1 billion (31 December 2017 est.)

$189.3 billion (31 December 2016 est.)

Exchange rates

Saudi riyals (SAR) per US dollar -

3.75 (2021 est.)

3.75 (2020 est.)

3.75 (2019 est.)

3.75 (2018 est.)

3.75 (2017 est.)