The Economy of Saudi Arabia

Abstract

Riyadh, the financial center of Saudi Arabia Currency Saudi Riyal (SAR) [a] Fiscal year Calendar year Trade organisations WTO, OPEC, and GCC Country group Developing/Emerging [3] High income economy [4] Newly industrialised country Statistics Population 36,093,000 (2022) [5][note 1] GDP $1.069 trillion (Nominal, 2023 est.) [6] $2.246 trillion (PPP, 2023 est.) [6] GDP rank 18th (nominal, 2022) 17th (PPP, 2022) GDP growth ▪ 3.2% (2021) [7] ▪ 7.6% (2022f) [7] ▪ 3.7% (2023f) [7] GDP per capita $32,586 (nominal; 2023) [6] $68,452 (PPP; 2023) [6] GDP per capita rank 35th (nominal, 2022) 21st (PPP, 2022) GDP by sector (2017 est.) [5] ▪ Agriculture: 2.6% ▪ Industry: 44.2% ▪ Services: 53.2% Inflation (CPI) 0.8% (2020 est.) [8] Gini coefficient 45.9 high (2013 est.) [5] Human Development Index 0.875 very high (2021) [9] (35th) ▪ N/A IHDI (2021) [10] Labour force 13.8 million (2017 est.) [5] 52.4% employment rate (2018) [11] Labour force by occupation (2005 est.) [5] ▪ agriculture: 6.7% ▪ industry: 21.4% ▪ services: 71.9% Unemployment 7.36% (2021 est.) [5][b] Main industries Crude oil production · petroleum refining · petrochemicals · ammonia · industrial gases · sodium hydroxide · cement · fertilizer · plastics · metals · ship repair · aircraft repair · construction Ease-of-doing-business rank 62nd (Easy, 2020) [12] External Exports $286.5 billion (2021 est.) [5] Export goods crude petroleum, refined petroleum, polymers, industrial alcohols, natural gas (2019) [5] Main export partners