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Economy of Saudi Arabia

Saudi Arabia, formally called as Kingdom of the Kingdom of Saudi Arabia is the biggest Arab nation in the Western Asia by land area. It is connected with Jordon, Iraq and Kuwait to the northeast region and Oman is located on the southeast region of KSA. Riyadh is the capital and largest city of Saudi Arabia. The economy of Saudi Arabia highly relies on the oil reserves and these reserves are controlled by the government officials and so as the most of economic activities. Saudi Arab holds approximately 16% of world’s petroleum reserves that are actually proven. The estimated GDP of Saudi Arab in terms of purchasing power parity (PPP) is $927.8 billion as of 2013, which is the twentieth largest when compared to the economies of other countries. They have a calendar year system for handling the annual monetary affairs. Currently the government official are taking some keen steps to better the diverse sectors, like power generation, telecommunications, natural gas exploration for generating more revenues. In addition, it is estimated that there are more than 6 million foreign workers working in different regions of Saudi Arabia and playing a key role in the economy of Saudi Arab. The industrial zone of KSA comprises industrial gases, construction, petrochemicals, cement, construction and metals.

Imports of Saudi Arabia

The major import commodities of Saudi Arabia include machinery, equipment, foodstuffs, chemicals, motor cycle and textiles. The estimated import value of Saudi Arabia is $147 billion as of 2013, which is the thirty-first largest when compared to the rest of countries. The main import partners of Saudi Arabia include China, United States of America, South Korea, Germany, India and Japan.

Exports of Saudi Arabia

With an estimated export value of $376.3 billion according to the stats collected in the year 2013, it is the sixteenth largest exporter of the world. The leading export partners of Saudi Arabia include United States of America, China, Japan, South Korea, India and Singapore. The 90% of Saudi Arabia exports contain petroleum and petroleum products.

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Capital
Riyadh
Dialing Code
+966
Fiscal Year
Calendar Year
Currency
Saudi Riyal (SAR)
GDP
$576,500,000,000
Exports
$350.7 billion (2011 est.) | Petroleum And Petroleum Products 90%
Imports
$106.5 billion (2011 est.) | Machinery And Equipment, Foodstuffs, Chemicals, Motor Vehicles, Textiles
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