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    Saudi Arabia - Economy
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    How is the economy of Saudi Arabia? Based on the information we have, Saudi Arabia has a <p>high-income, oil-based Middle Eastern economy; OPEC founding member; Vision 2030 strategy prioritizing economic diversification, increased private sector involvement, and projects funded by sovereign wealth fund and foreign investment; young labor force; falling but significant poverty rate despite lack of official statistics</p>. Key agricultural products in this country include: milk, dates, chicken, wheat, tomatoes, watermelons, potatoes, olives, eggs, onions (2023).
    More about the economy of Saudi Arabia
    Labor force 17.168 million (2024 est.)
    Industrial production growth rate -1.3% (2024 est.)
    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
    Population below poverty line N/A
    Taxes and other revenues 7.8% (of GDP) (2023 est.)
    Fiscal year N/A
    Exchange rates
    CurrencySaudi riyals (SAR) per US dollar -
    Exchange rates 20243.75 (2024 est.)
    Exchange rates 20233.75 (2023 est.)
    Exchange rates 20223.75 (2022 est.)
    Exchange rates 20213.75 (2021 est.)
    Exchange rates 20203.75 (2020 est.)
    Reserves of foreign exchange and gold
    Reserves of foreign exchange and gold 2024$463.87 billion (2024 est.)
    Reserves of foreign exchange and gold 2023$457.949 billion (2023 est.)
    Reserves of foreign exchange and gold 2022$478.232 billion (2022 est.)
    Current account balance
    Current account balance 2024-$5.685 billion (2024 est.)
    Current account balance 2023$35.133 billion (2023 est.)
    Current account balance 2022$150.353 billion (2022 est.)
    Public debt
    Public debt 201613.1% of GDP (2016 est.)
    Budget
    Revenues$378.413 billion (2023 est.)
    Expenditures$388.489 billion (2023 est.)
    Budget surplus (+) or deficit (-) N/A
    Remittances
    Remittances 20240% of GDP (2024 est.)
    Remittances 20230% of GDP (2023 est.)
    Remittances 20220% of GDP (2022 est.)
    Average household expenditures
    On food20.5% of household expenditures (2023 est.)
    On alcohol and tobacco0.7% of household expenditures (2023 est.)
    Imports
    Imports 2024$317.012 billion (2024 est.)
    Imports 2023$289.91 billion (2023 est.)
    Imports 2022$258.371 billion (2022 est.)
    Imports (partners)China 21%, UAE 8%, USA 7%, India 6%, Germany 5% (2023)
    Comodities Imports forcecars, refined petroleum, gold, broadcasting equipment, packaged medicine (2023)
    Exports
    Exports 2024$360.897 billion (2024 est.)
    Exports 2023$368.731 billion (2023 est.)
    Exports 2022$445.881 billion (2022 est.)
    Exports (partners)China 21%, India 12%, Japan 12%, USA 6%, UAE 4% (2023)
    Comodities Exports forcecrude petroleum, refined petroleum, plastics, alcohols, ships (2023)
    Real GDP (purchasing power parity)
    Real GDP (purchasing power parity) 2024$2.213 trillion (2024 est.)
    Real GDP (purchasing power parity) 2023$2.173 trillion (2023 est.)
    Real GDP (purchasing power parity) 2022$2.161 trillion (2022 est.)
    GDP (official exchange rate)$1.238 trillion (2024 est.)
    Real GDP Per capita
    Real GDP per capita 2024$62,700 (2024 est.)
    Real GDP per capita 2023$64,500 (2023 est.)
    Real GDP per capita 2022$67,200 (2022 est.)
    GDP - composition, by sector of origin
    Agriculture2.5% (2024 est.)
    Industry44.8% (2024 est.)
    Services47.2% (2024 est.)
    GDP - composition, by end use
    Household consumption45% (2024 est.)
    Government consumption21.4% (2024 est.)
    Investment in fixed capital28.7% (2024 est.)
    Investment in inventories1.4% (2024 est.)
    Exports of goods and services29.2% (2024 est.)
    Imports of goods and services-25.6% (2024 est.)
    Unemployment rate
    Unemployment rate 20243.9% (2024 est.)
    Unemployment rate 20234.1% (2023 est.)
    Unemployment rate 20225.6% (2022 est.)
    Youth unemployment rate (ages 15-24)
    Total13.8% (2024 est.)
    Male9.8% (2024 est.)
    Female23.8% (2024 est.)
    All Important Facts about Saudi Arabia

    Want to know more about Saudi Arabia? Check all different factbooks for Saudi Arabia below.

    Saudi Arabia is found in Western Asia