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EconomyEconomy - overview
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about one-fifth 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) World Ranking: 24
$691.5 billion (2011 est.)
$647.6 billion (2010 est.) $618.9 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$577.6 billion (2011 est.)
Gdp - real growth rate World Ranking: 34
6.8% (2011 est.)
4.6% (2010 est.) 0.1% (2009 est.) Gdp - per capita (ppp) World Ranking: 55
$24,500 (2011 est.)
$23,500 (2010 est.) $23,200 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 2%
Industry 69.1% Services 28.9% (2011 est.) Labor force World Ranking: 62
7.63 million
Note About 80% of the labor force is non-national (2011 est.) Labor force - by occupation
Agriculture 6.7%
Industry 21.4% Services 71.9% (2005 est.) Unemployment rate World Ranking: 117
10.9% (2011 est.)
10.8% (2010 est.) Note Data are for Saudi males only (local bank estimates; some estimates range as high as 25%) Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Investment (gross fixed) World Ranking: 108
19.1% of GDP (2011 est.)
Budget
Revenues $295.7 billion
Expenditures $214.3 billion (2011 est.) Taxes and other revenues World Ranking: 17
51.2% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 6
14.1% of GDP (2011 est.)
Public debt World Ranking: 129
13% of GDP (2011 est.)
16.5% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 127
5% (2011 est.)
5.4% (2010 est.) Central bank discount rate
2.5% (31 December 2008)
Commercial bank prime lending rate World Ranking: 134
7.2% (31 December 2011 est.)
7.2% (31 December 2010 est.) Stock of narrow money World Ranking: 18
$203 billion (31 December 2011 est.) $166.8 billion (31 December 2010 est.) Stock of broad money World Ranking: 30
$330 billion (31 December 2011 est.) $288.1 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 128
$2.96 billion (31 December 2011 est.) $2.693 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 25
$338.9 billion (31 December 2011) $353.4 billion (31 December 2010) $318.8 billion (31 December 2009) 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 World Ranking: 24
8.4% (2011 est.)
Electricity - production World Ranking: 19
194.4 billion kWh (2009 est.)
Electricity - consumption World Ranking: 20
174.5 billion kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 1
10.52 million bbl/day (2010 est.) Oil - consumption World Ranking: 6
2.643 million bbl/day (2010 est.) Oil - exports World Ranking: 1
7.635 million bbl/day (2009 est.) Oil - imports World Ranking: 70
83,150 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 1
262.6 billion bbl (1 January 2011 est.) Natural gas - production World Ranking: 11
83.94 billion cu m (2010 est.)
Natural gas - consumption World Ranking: 9
83.94 billion cu m (2010 est.)
Natural gas - exports World Ranking: 173
0 cu m (2010 est.)
Natural gas - imports World Ranking: 123
0 cu m (2010 est.)
Natural gas - proved reserves World Ranking: 4
7.807 trillion cu m (1 January 2011 est.) Current account balance World Ranking: 3
$144.2 billion (2011 est.)
$66.75 billion (2010 est.) Exports World Ranking: 15
$359.9 billion (2011 est.)
$251.1 billion (2010 est.) Exports - commodities
Petroleum and petroleum products 90% Exports - partners
Japan 13.9%, China 13.7%, US 13.4%, South Korea 10.2%, India 7.2%, Singapore 4.9% (2011) Imports World Ranking: 32
$117.4 billion (2011 est.)
$97.43 billion (2010 est.) Imports - commodities
Machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles Imports - partners
China 12.8%, US 11.9%, Germany 7.1%, South Korea 6%, Japan 5.6%, India 5.3%, Italy 4.1% (2011) Reserves of foreign exchange and gold World Ranking: 4
$541.1 billion (31 December 2011 est.) $445.1 billion (31 December 2010 est.) Debt - external World Ranking: 43
$105.9 billion (31 December 2011 est.) $85.01 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 22
$214.7 billion (31 December 2011 est.) $187.7 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 46
$18.16 billion (31 December 2011 est.) $14.29 billion (31 December 2010 est.) Exchange rates
Saudi riyals (SAR) per US dollar - 3.75 (2011 est.)3.75 (2010 est.) 3.75 (2009) 3.75 (2008) 3.745 (2007) Fiscal year
Calendar year
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