Economy - overview:
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Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 17% 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. Over 5 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 2005. 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.
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GDP (purchasing power parity):
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$740.5 billion (2012 est.)
country comparison to the world: 23
$698.8 billion (2011 est.)
$652.8 billion (2010 est.)
note:
data are in 2012 US dollars
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GDP (official exchange rate):
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$657 billion (2012 est.)
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GDP - real growth rate:
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6% (2012 est.)
country comparison to the world: 45
7.1% (2011 est.)
5.1% (2010 est.)
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GDP - per capita (PPP):
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$25,700 (2012 est.)
country comparison to the world: 59
$24,800 (2011 est.)
$23,700 (2010 est.)
note:
data are in 2012 US dollars
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GDP - composition by sector:
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agriculture: 2%
industry:
66.9%
services:
31.1% (2012 est.)
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Labor force:
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8.012 million
country comparison to the world: 60
note:
about 80% of the labor force is non-national (2012 est.)
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Labor force - by occupation:
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agriculture: 6.7%
industry:
21.4%
services:
71.9% (2005 est.)
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Unemployment rate:
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10.7% (2012 est.)
country comparison to the world: 114
10.9% (2011 est.)
note:
data are for Saudi males only (local bank estimates; some estimates range as high as 25%)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Investment (gross fixed):
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21.5% of GDP (2012 est.)
country comparison to the world: 78
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Budget:
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revenues: $314.3 billion
expenditures:
$236.3 billion (2012 est.)
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Taxes and other revenues:
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47.8% of GDP (2012 est.)
country comparison to the world: 22
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Budget surplus (+) or deficit (-):
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11.9% of GDP (2012 est.)
country comparison to the world: 7
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Public debt:
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12.9% of GDP (2012 est.)
country comparison to the world: 138
12.6% of GDP (2011 est.)
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Inflation rate (consumer prices):
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4.6% (2012 est.)
country comparison to the world: 131
5% (2011 est.)
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Central bank discount rate:
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2.5% (31 December 2008)
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Commercial bank prime lending rate:
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6.8% (31 December 2012 est.)
country comparison to the world: 126
7.2% (31 December 2011 est.)
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Stock of narrow money:
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$231.3 billion (31 December 2012 est.)
country comparison to the world: 18
$202.9 billion (31 December 2011 est.)
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Stock of broad money:
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$360.3 billion (31 December 2012 est.)
country comparison to the world: 28
$326.3 billion (31 December 2011 est.)
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Stock of domestic credit:
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$62.83 billion (31 December 2012 est.)
country comparison to the world: 62
$27.8 billion (31 December 2011 est.)
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Market value of publicly traded shares:
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$338.9 billion (31 December 2011)
country comparison to the world: 25
$353.4 billion (31 December 2010)
$318.8 billion (31 December 2009)
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Agriculture - products:
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wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
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Industries:
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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
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Industrial production growth rate:
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8.4% (2011 est.)
country comparison to the world: 23
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Current account balance:
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$150 billion (2012 est.)
country comparison to the world: 3
$158.5 billion (2011 est.)
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Exports:
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$381.5 billion (2012 est.)
country comparison to the world: 15
$364.7 billion (2011 est.)
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Exports - commodities:
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petroleum and petroleum products 90%
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Exports - partners:
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Japan 13.9%, China 13.6%, US 13.4%, South Korea 10.2%, India 7.8%, Singapore 4.8% (2011)
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Imports:
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$136.8 billion (2012 est.)
country comparison to the world: 31
$120 billion (2011 est.)
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Imports - commodities:
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machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
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Imports - partners:
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China 12.8%, US 11.9%, Germany 7.1%, South Korea 6%, Japan 5.6%, India 4.9%, Italy 4.1% (2011)
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Reserves of foreign exchange and gold:
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$626.8 billion (31 December 2012 est.)
country comparison to the world: 4
$541.1 billion (31 December 2011 est.)
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Debt - external:
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$127.4 billion (31 December 2012 est.)
country comparison to the world: 36
$107.1 billion (31 December 2011 est.)
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Stock of direct foreign investment - at home:
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$221.2 billion (31 December 2012 est.)
country comparison to the world: 21
$204.1 billion (31 December 2011 est.)
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Stock of direct foreign investment - abroad:
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$20.83 billion (31 December 2012 est.)
country comparison to the world: 45
$17.73 billion (31 December 2011 est.)
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Exchange rates:
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Saudi riyals (SAR) per US dollar -
3.75 (2012 est.)
3.75 (2011 est.)
3.75 (2010 est.)
3.75 (2009)
3.75 (2008)
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Fiscal year:
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calendar year
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