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Saudi Arabia Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Saudi Arabia Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 8,

Economy - 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):
$676.7 billion (2011 est.)
country comparison to the world: 24

$635.6 billion (2010 est.)
$610.3 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$560.3 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.5% (2011 est.)
country comparison to the world: 33

4.1% (2010 est.)
0.1% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,000 (2011 est.)
country comparison to the world: 55

$23,100 (2010 est.)
$22,900 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 67.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 30.4% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
7.63 million
country comparison to the world: 61
note: about 80% of the labor force is non-national (2011 est.)
[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:
10.9% (2011 est.)
country comparison to the world: 117

10.8% (2010 est.)
note: data are for Saudi males only (local bank estimates; some estimates range as high as 25%)
[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 ]

Investment (gross fixed):
19.2% of GDP (2011 est.)
country comparison to the world: 130
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $293.1 billion
[see also: Budget revenues country ranks ]
expenditures: $210.6 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
52.3% of GDP (2011 est.)
country comparison to the world: 14
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
14.7% of GDP (2011 est.)
country comparison to the world: 5
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
9.4% of GDP (2011 est.)
country comparison to the world: 122

16.6% of GDP (2010 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
5% (2011 est.)
country comparison to the world: 117

5.4% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

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


[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.2% (31 December 2011 est.)
country comparison to the world: 139

7.2% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$205.9 billion (31 December 2011 est.)
country comparison to the world: 18

$166.8 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$335.7 billion (31 December 2011 est.)
country comparison to the world: 29

$288.1 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.96 billion (31 December 2011 est.)
country comparison to the world: 125

$2.693 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$353.4 billion (31 December 2010)
country comparison to the world: 23

$318.8 billion (31 December 2009)
$246.3 billion (31 December 2008)
[see also: Market value of publicly traded shares 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:
7.7% (2011 est.)
country comparison to the world: 28
[see also: Industrial production growth rate country ranks ]

Electricity - production:
194.4 billion kWh (2009 est.)
country comparison to the world: 20
[see also: Electricity - production country ranks ]

Electricity - consumption:
174.5 billion kWh (2008 est.)
country comparison to the world: 20
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
10.52 million bbl/day (2010 est.)
country comparison to the world: 1
[see also: Oil - production country ranks ]

Oil - consumption:
2.643 million bbl/day (2010 est.)
country comparison to the world: 7
[see also: Oil - consumption country ranks ]

Oil - exports:
7.635 million bbl/day (2009 est.)
country comparison to the world: 1
[see also: Oil - exports country ranks ]

Oil - imports:
83,150 bbl/day (2009 est.)
country comparison to the world: 71
[see also: Oil - imports country ranks ]

Natural gas - production:
83.94 billion cu m (2010 est.)
country comparison to the world: 11
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
83.94 billion cu m (2010 est.)
country comparison to the world: 9
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2010 est.)
country comparison to the world: 170
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2010 est.)
country comparison to the world: 120
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
7.807 trillion cu m (1 January 2011 est.)
country comparison to the world: 4
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$151.4 billion (2011 est.)
country comparison to the world: 2

$69.68 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$350.7 billion (2011 est.)
country comparison to the world: 15

$237.9 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products 90%

Exports - partners:
Japan 14.3%, China 13.1%, US 13%, South Korea 8.8%, India 8.3%, Singapore 4.5% (2010)

Imports:
$106.5 billion (2011 est.)
country comparison to the world: 33

$88.35 billion (2010 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 12.4%, China 11.1%, Germany 7.1%, Japan 6.9%, France 6.1%, India 4.7%, South Korea 4.2% (2010)

Reserves of foreign exchange and gold:
$556.2 billion (31 December 2011 est.)
country comparison to the world: 3

$445.1 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$101 billion (31 December 2011 est.)
country comparison to the world: 41

$80.95 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$214.7 billion (31 December 2011 est.)
country comparison to the world: 22

$187.7 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$18.16 billion (31 December 2011 est.)
country comparison to the world: 47

$14.29 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

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)


NOTE: 1) The information regarding Saudi Arabia on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 2012 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 07-Mar-12
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