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Economy of Saudi Arabia

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]
Statistics
Population	37,299,502 (2024 census)[5]
GDP	$1.106 trillion (Nominal, 2024 est.)[6] $2.354 trillion (PPP, 2024 est.)[6]
GDP rank	19th (nominal, 2024) 17th (PPP, 2024)
GDP growth	-0.8% (2023)[6] 2.6% (2024f)[6] 6.0% (2025f)[6]
GDP per capita	$33,040 (nominal; 2024)[6] $70,333 (PPP; 2024)[6]
GDP per capita rank	35th (nominal, 2024) 15th (PPP, 2024)
GDP by sector	(2017 est.)[7] Agriculture: 2.6% Industry: 44.2% Services: 53.2%
Inflation (CPI)	1.6% (2024)[8]
Gini coefficient	45.9 high (2013 est.)[7]
Human Development Index	0.875 very high (2021)[9] (35th) N/A IHDI (2021)[10]
Labour force	13.8 million (2017 est.)[7] 52.4% employment rate (2018)[11]
Labour force by occupation	(2005 est.)[7] agriculture: 6.7% industry: 21.4% services: 71.9%
Unemployment	7.36% (2021 est.)[7][b]
Main industries	Crude oil production petroleum refining petrochemicals ammonia industrial gases sodium hydroxide cement fertilizer plastics metals ship repair aircraft repair construction
External
Exports	$286.5 billion (2021 est.)[7]
Export goods	crude petroleum, refined petroleum, polymers, industrial alcohols, natural gas (2019)[7]
Main export partners	China 18.8%  India 12.8%  Japan 10.1%  South Korea 9.9%  United States 6.6%  Taiwan 3.2%  United Arab Emirates 2.4%  Singapore 2.2% (2022)[12]
Imports	$213.0 billion (2021 est.)[7]
Import goods	machinery and equipment, chemicals, packaged medicine, motor vehicles, textiles, broadcasting equipment, telephones[7]
Main import partners	China 21.5%  United Arab Emirates 16.4%  United States 6.5%  India 5.9%  Germany 4.2%  Japan 2.9%   Switzerland 2.9%  South Korea 2.9%  United Kingdom 2.6%  France 2.4% (2022)[12]
Current account	$15.23 billion (2017 est.)[7]
Gross external debt	$205.1 billion (31 December 2017 est.)[7]
Public finances
Government debt	17.2% of GDP (2017 est.)
Budget balance	8.9% (of GDP) (2017 est.)[7]
Revenues	181 billion (2017 est.)[7]
Expenses	241.8 billion (2017 est.)[7]
Foreign reserves	$451.587 billion (April 2022)[13] (8th)
All values, unless otherwise stated, are in US dollars.

The economy of Saudi Arabia is the second-largest in the Middle East and the nineteenth-largest in the world.^[6] The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.^[14]

The kingdom has the second-largest proven petroleum reserves,^[15] and the fourth-largest measured natural gas reserves.^[16] Saudi Arabia is currently the largest exporter of petroleum in the world.^[17] Other major parts of the economy include refining and chemical manufacturing from the oil reserves, much of which is vertically integrated in the state-owned enterprise, Saudi Aramco. Saudi Arabia is permanent and founding member of OPEC

In 2016, the Saudi government launched its Saudi Vision 2030 program to reduce its dependency on oil and diversify its economic resources.^[18] By 2022, Saudi Arabia had only modestly reduced its dependence on oil.^[14]

Monetary policy in Saudi Arabia is anchored by the fixed exchange rate of the Saudi Riyal to the U.S. Dollar.^[19]

Economic overview

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green.^[20][21]

Zdroj:https://en.wikipedia.org?pojem=Economic_history_of_Saudi_Arabia
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Year	GDP (in billion US$ PPP)	GDP per capita (in US$ PPP)	GDP (in billion US$ nominal)	GDP per capita (in US$ nominal)	GDP growth (real)	Inflation rate (in percent)	Unemployment (in percent)	Gov. debt (in % of GDP)
1980	418.1	44,859.5	164.5	17,655.1	5.7%	4.4%	n/a	n/a
1981	466.5	47,671.8	184.3	18,832.1	1.9%	3.6%	n/a	n/a
1982	392.7	38,212.2	153.2	14,912.7	-20.7%	1.9%	n/a	n/a
1983	342.5	31,746.0	129.2	11,972.2	-16.1%	0.6%	n/a	n/a
1984	338.4	29,864.0	119.6	10,558.7	-4.7%	-0.7%	n/a	n/a
1985	314.9	26,466.2	103.9	8,732.8	-9.8%	-2.3%	n/a	n/a
1986	375.9	30,086.7	86.9	6,955.1	17.0%	-3.1%	n/a	n/a
1987	359.6	27,414.1	85.6	6,524.2	-6.6%	-2.4%	n/a	n/a
1988	421.1	30,571.4	88.1	6,398.8	13.1%	-0.4%	n/a	n/a
1989	435.4	30,103.8	95.2	6,583.3	-0.5%	1.2%	n/a	n/a
1990	520.3	34,260.8	117.5	7,735.0	15.2%	-1.1%	n/a	n/a
1991	618.7	38,793.7	132.0	8,280.2	15.0%	3.9%	n/a	39.4%
1992	658.0	38,823.1	136.9	8,077.7	4.0%	-1.0%	n/a	47.8%
1993	664.4	38,455.7	132.8	7,686.0	-1.4%	1.2%	n/a	58.6%
1994	682.4	38,550.2	135.0	7,626.4	0.6%	1.4%	n/a	67.9%
1995	698.2	38,497.0	143.2	7,893.4	0.2%	5.1%	n/a	74.2%
1996	729.7	39,271.8	158.5	8,527.7	2.6%	0.3%	n/a	75.2%
1997	750.5