ECONOMY

General Information

The main currency of Saudi Arabia is SAR – Saudi riyal.

Among the key priorities of the country's socio-economic development are economic diversification within the framework of the "Vision 2030" program, reducing dependence on oil revenues, developing the private sector, increasing the role of renewable energy, as well as increasing non-commodity exports.

According to World Bank estimates, Saudi Arabia's nominal GDP in 2024 amounted to 1,238 trillion US dollars.

The structure of the economy is distributed as follows: the oil and gas sector accounts for approximately 45-46% of GDP, the service sector accounts for approximately 36%, manufacturing – 10%.

The main source of foreign currency earnings remains oil exports. However, as part of diversification, significant attention is paid to the development of tourism, logistics, financial services, and manufacturing.

In the service sector, government services play a significant role (approximately 13%), retail and wholesale trade, hotel and restaurant business (8%), as well as finance, insurance, and real estate (7,9%).

Key economic priorities include the development of non-oil sectors such as tourism, technology, and renewable energy, attracting foreign investment, stimulating private business and small and medium entrepreneurship, as well as modernization and development of infrastructure, education, and healthcare.

Share of Economic Sectors

Saudi Arabia's economy is based on three key sectors: extractive industry, services, and manufacturing.

The industrial sector accounts for 45-46% of GDP. The extractive industry, primarily oil and gas, remains the foundation of the economy. Manufacturing, mainly represented by oil refining and petrochemicals, makes a significant contribution to export revenues. The share of the mining industry, excluding oil and gas, accounts for approximately 5% of GDP.

The service sector forms approximately 36% of GDP. Financial services, trade, and logistics demonstrate steady growth within the framework of economic diversification. According to 2023 data, tourism accounted for approximately 3% of GDP; by 2030, it is planned to increase this indicator to 10%.

Foreign trade in 2023 reached an approximate export volume of 326 bil. US dollars with imports of 232 bil. dollars. Main export items are mineral fuels (oil and petroleum products), plastics, and chemical products. Imports include equipment, vehicles, electronics, and metallurgical products. Main trading partners: China, India, Japan, South Korea, and USA.

Export and Import

Exports form approximately 45% of Saudi Arabia's GDP. Key export items are:

Mineral fuels, oil, and petroleum products (87%);
Plastics and polymers (5%);
Chemical products (5%);
Organic chemicals (3%).

Main export partners: China, India, Japan, South Korea, USA.

The largest share of imported products consists of machinery, equipment and vehicles, as well as chemical industry products and metals.

The import structure is formed as follows:

Mechanical devices and electrical equipment (27%);
Transport equipment and its parts (16%);
Non-ferrous metals (13%);
Chemical and related products (9%);
Vegetables (6%).

Main import partners: China, USA, Germany, and Japan.

Labor Force

Saudi Arabia's labor force as of 2025 is approximately 11,56 mil. people. The unemployment rate among Saudi citizens is 3,2% in 2025.

The distribution of employment by economic sectors demonstrates a high share of those employed in the service sector, especially in public administration:

Saudi Arabia's labor market is characterized by:

Implementation of programs to increase citizen employment (Saudization);
Growth in the share of women in the labor market;
Significant share of foreign labor force.