Background Economics of Saudi Arabia

Background Economics of Saudi Arabia

Saudi Arabia has a population of 33 million.  Its GDP is $708 billion, but in purchasing power parity, PPP, it is $1.80 trillion.  Per capita income in PPP is $55,260.

The oil is owned by state owned Saudi Aramco.  Petroleum is 87% of budget revenues, 90% of export earnings, and 42% of GDP.  This is a country where oil really is King.

The labor force is 12.34 million.  There are 7.5 million foreign workers.  80% of the labor force is non-national.  Unemployment is 13%, but only 30%-40% of Saudi’s work or seek to do it.  Wikipedia does not cover how much of this is due to restrictions on women.  Services is 72% of jobs, industry is 21%, and agriculture is 7%.

Exports are $231 billion, of which, petroleum and its products are 90%.  To various countries, China is 13.6%, Japan 11.3%, India 10.7%, US 9.8%, South Korea 9.1%, Singapore 4.7%, plus 41% remaining.  So the US gets $22.6 billion of their exports.

Imports to Saudi Arabia are $137 billion, consisting mainly of machinery and equipment, food stuffs, chemicals, motor vehicles, and textiles.  The main importing countries are China 16%, US 15%, Germany 6.3%, Japan 5.3%, UAE 5%, South Korea 5%, plus 47% more.  So imports from the US are worth $20.6 billion.

All of these numbers change year to year.

About Dennis SILVERMAN

I am a retired Professor of Physics and Astronomy at U C Irvine. For a decade I have been active in learning about energy and the environment, and in lecturing and attending classes at the Osher Lifelong Learning Institute (OLLI) at UC Irvine.
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