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. Approximately 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.

In 2017, the Kingdom incurred a budget deficit estimated at 8.3% of GDP, which was 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 cut capital spending and reduced subsidies on electricity, water, and petroleum products and recently introduced a value-added tax of 5%. 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 health care, 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):
$1.775 trillion (2017 est.)
$1.79 trillion (2016 est.)
$1.761 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: GDP country ranks ]

GDP (official exchange rate):
$686.7 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.9% (2017 est.)
1.7% (2016 est.)
4.1% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 202
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$54,500 (2017 est.)
$56,400 (2016 est.)
$56,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 22
[see also: GDP - per capita country ranks ]

Gross national saving:
30.1% of GDP (2017 est.)
27.2% of GDP (2016 est.)
26.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 32
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 41.3% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.2% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4.7% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 34.8% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.6% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 44.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 53.2% (2017 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:
-2.4% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 186
[see also: Industrial production growth rate country ranks ]

Labor force:
13.8 million (2017 est.)
note: comprised of 3.1 million Saudis and 10.7 million non-Saudis
country comparison to the world (CIA rank, may be based on non-current data): 42
[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:
6% (2017 est.)
5.6% (2016 est.)
note: data are for total population; unemployment among Saudi nationals is more than double
country comparison to the world (CIA rank, may be based on non-current data): 92
[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 (CIA rank, may be based on non-current data): 37
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 181 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 241.8 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
26.4% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 204
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
17.2% of GDP (2017 est.)
13.1% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 193
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.9% (2017 est.)
2% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 3
[see also: Inflation rate (consumer prices) country ranks ]

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

country comparison to the world (CIA rank, may be based on non-current data): 115
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.3% (31 December 2017 est.)
7.1% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 102
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$312.6 billion (31 December 2017 est.)
$305.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$312.6 billion (31 December 2017 est.)
$305.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$267.1 billion (31 December 2017 est.)
$219.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 40
[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 (CIA rank, may be based on non-current data): 23
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$15.23 billion (2017 est.)
-$23.87 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 19
[see also: Current account balance country ranks ]

Exports:
$221.1 billion (2017 est.)
$183.6 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Exports country ranks ]

Exports - partners:
Japan 12.2%, China 11.7%, South Korea 9%, India 8.9%, US 8.3%, UAE 6.7%, Singapore 4.2% (2017)

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

Imports:
$119.3 billion (2017 est.)
$127.8 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 33
[see also: Imports country ranks ]

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

Imports - partners:
China 15.4%, US 13.6%, UAE 6.5%, Germany 5.8%, Japan 4.1%, India 4.1%, South Korea 4% (2017)

Reserves of foreign exchange and gold:
$496.4 billion (31 December 2017 est.)
$535.8 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 4
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$205.1 billion (31 December 2017 est.)
$189.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$264.6 billion (31 December 2017 est.)
$258.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$56.09 billion (31 December 2017 est.)
$46.45 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 41
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Saudi riyals (SAR) per US dollar -
3.75 (2017 est.)
3.75 (2016 est.)
3.75 (2015 est.)
3.75 (2014 est.)
3.75 (2013 est.)