Economy of Saudi Arabia

Economy of Saudi Arabia
	Riyadh, the financial center of Saudi Arabia
Currency	Saudi Riyal ()
Fiscal year	Calendar year
Trade organisations	WTO, OPEC, and GCC
Country group	Developing/Emerging; High-income economy;
Statistics
Population	32,175,224 (2022 census)
GDP	$1.14 trillion (Nominal, 2025); $2.25 trillion (PPP, 2025)
GDP rank	19th (nominal, 2025); 17th (PPP, 2025)
GDP growth	-0.8% (2023); 1.5% (2024f); 4.6% (2025f);
GDP per capita	$33,291 (nominal; 2025); $65,880 (PPP; 2025)
GDP per capita rank	34th (nominal, 2024); 25th (PPP, 2024)
GDP by sector	Agriculture: 2.7%; Industry: 46%; Services: 51.3% (2023 est.);
Inflation (CPI)	1.6% (2024)
Gini coefficient	45.9 high (2013 est.)
Human Development Index	0.900 very high (2023) (37th)
Labour force	16.934 million (2023 est.); 63.9% employment rate (2023)
Labour force by occupation	(2005 est.) agriculture: 6.7%; industry: 21.4%; services: 71.9%;
Unemployment	4.88% (2023 est.)
Main industries	Crude oil production; petroleum refining; petrochemicals; ammonia; industrial gases; sodium hydroxide; cement; fertilizer; plastics; metals; ship repair; aircraft repair; construction;
External
Exports	$370.974 billion (2023 est.)
Export goods	crude petroleum, refined petroleum, polymers, industrial alcohols, natural gas (2019)
Main export partners	China 21.5%; India 11.6%; Japan 11.6%; United States 5.5% (2023);
Imports	$291.565 billion (2023 est.)
Import goods	machinery and equipment, chemicals, packaged medicine, motor vehicles, textiles, broadcasting equipment, telephones
Main import partners	China 21.3%; United Arab Emirates 7.6%; United States 7.3%; India 5.7% (2023);
Current account	$34.07 billion (2023 est.)
Gross external debt	$205.1 billion (31 December 2017 est.)
Public finances
Government debt	17.2% of GDP (2017 est.)
Foreign reserves	$457.949 billion (2023) (7th)
Budget balance	8.9% (of GDP) (2017 est.)
Revenues	398.023 billion (2022 est.)
Expenses	315.007 billion (2022 est.)
	All values, unless otherwise stated, are in US dollars.

The economy of Saudi Arabia is highly reliant on its petroleum sector. Oil accounts for approximately 30% of Saudi GDP and 55% of government revenue, with substantial fluctuations depending on oil prices each year.

The kingdom has the second-largest proven petroleum reserves, and the fourth-largest measured natural gas reserves. Saudi Arabia is currently the largest exporter of petroleum in the world. 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 a 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. By 2022, Saudi Arabia had only modestly reduced its dependence on oil.

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

Nearly every major business in Saudi Arabia has extensive ties to the Saudi state.