Economy of Saudi Arabia

Saudi Arabia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Saudi Arabia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Saudi Arabia exports around $376.3 billion and imports roughly $147 billion. 5.7% of population in the country are unemployed. The total number of unemployed people in Saudi Arabia is 1,912,598. Government expenditure on education is 5.6% of GDP. Saudi Arabia has a Human Development Index (HDI) of 0.836. Saudi Arabia has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Saudi Arabia is 2.042. The strength of legal rights index for Saudi Arabia is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Saudi Arabia is Saudi riyal. The plural form of the word Saudi riyal is riyals. The symbol used for this currency is ر.س, and it is abbreviated as SAR. The Saudi riyal is divided into Halala; there are 100 in one riyal.

Credit rating

The depth of credit information index for Saudi Arabia is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Saudi Arabia has a credit rating score of AA-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Saudi Arabia has a credit rating score of AA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Saudi Arabia has a credit rating score of Aa3, and the prospects of this rating are stable.

Central bank

In Saudi Arabia, the institution that manages the state's currency, money supply, and interest rates is called Saudi Arabian Monetary Agency. Locally, the central bank of Saudi Arabia is called مؤسسة النقد العربي السعودي.

Public debt

Saudi Arabia has a government debt of 12.9% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Saudi Arabia is set at 0%. VAT in Saudi Arabia is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Saudi Arabia is $1609628 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Saudi Arabia was last recorded at $48 million. PPP in Saudi Arabia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Saudi Arabia is 748,450 billion. Based on this statistic, Saudi Arabia is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Saudi Arabia. The Gross Domestic Product (GDP) per capita in Saudi Arabia was last recorded at $22 million. The average citizen in Saudi Arabia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Saudi Arabia averaged 3.6% in 2014. According to this percentage, Saudi Arabia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Saudi Arabia.

Industry

Major industries in the country are 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. The total labor force of Saudi Arabia is 13,834,000 people, wherein 5.7% of population in the country are unemployed. The total number of unemployed people in Saudi Arabia is 1,912,598. The Industrial Production growth rate of Saudi Arabia is 3.1%.To read more about industrial information within Saudi Arabia click on industry of Saudi Arabia.

Agriculture

There are 35900 km² of arable land in Saudi Arabia, and it comprises 2% of the country's total territory. There are 37835 km² of cultivated land in Saudi Arabia. The country's major agricultural crops and products are wheat, barley, tomatoes, melons, dates, citrus, mutton, chickens, eggs, milk.To read more about agriculture click on agriculture of Saudi Arabia.