saudi

The economy of Saudi Arabia is one of the top twenty economies in the world, and the largest economy in the Arab world and the Middle East. Saudi Arabia is part of the G20 group of countries. With a total worth of $34.4 trillion, Saudi Arabia has the second most valuable natural resources in the world. The country has the second-largest proven petroleum reserves, and is the largest exporter of petroleum in the world. It also has the fifth-largest proven natural gas reserves and is considered an “Energy Superpower”.

The following tables and chart will tell the change details in last 5-10 years:

Saudi Arabia Distribution of workforce from the last 5 years:

Sector20152016201720182019
Agriculture6.7%6.52%6.43%6.25%6.14%
Industries21.4%21.56%21.62%21.48%21.51%
Services71.9%71.92%71.95%72.27%72.35%

Saudi Arabia Distribution of GDP across economic sectors:

Sector20152016201720182019
Agriculture2.53%2.58%2.6%2.62%2.68%
Industries43.68%43.84%44.2%43.85%44.05%
Services53.79%53.58%53.2%53.53%53.27%

Here attached the last 10 years chart of Saudi Arabia GDP: (amount in billion USD):

3 Sectors of the Economy – Agriculture, Industry and Services:

  • Agriculture:

Agriculture is not playing a significant role in the Saudi Arabia's economy. It employs almost 6.14% of the total workforce and contributed almost 2.68% in GDP.

Agriculture in Saudi Arabia is focused on the export of dates, dairy products, eggs, fish, poultry, fruits, vegetables, and flowers to markets around the world as it has achieved self-sufficiency in the production of such products.

Major products in this Sector:

Dates: Saudi Arabia ranked second in the world in the production of dates, making up 17 percent of the total world production. The global production of dates reached 8.8 million tons. The Kingdom is among the leading countries producing the finest qualities of dates in the world. The Kingdom's various regions produce 1,539,755 tons of dates annually, while the volume of exports reached 184,000 tons at a value of SR860 million. Saudi Arabia's Vision 2030 to become the largest exporter of dates in the world.

Agriculture Subsidy in Saudi Arabia:

The government of Saudi Arabia is heavily involved in the agriculture industry, and the ministry of agriculture is primarily responsible for the agricultural policies in the nation. The private sector also plays a role in the nation's agriculture, as the government offers long-term interest- free loans and low-cost water, fuel, electricity, and duty-free imports of raw materials and machinery.

Saudi Arabia has approved financial support for the environment, water and agriculture sectors worth 92 billion riyals ($24.5 billion) to help them meet their goals under the government's 2030 economic plan.

  • Industries:

Industry is an important part in the Saudi Arabia's economy. It accounts for 44.05% of GDP and employed almost 21.51% of the workforce.

Major Industries in this Sector:

Oil and Gas: Saudi Arabia possesses around 17 per cent of the world's proven petroleum reserves. The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings. Apart from petroleum, the Kingdom's other natural resources include natural gas, iron ore, gold, and copper. In 2020 the export value of this is US $132 billion which was almost three-fourth of the total export in Saudi Arabia.

Chemical: Saudi Arabia's chemical market is the largest in the Middle East and North Africa, including one of the grandest integrated chemical complexes worldwide. The Kingdom now has the 5th largest chemical production market in the world and takes up a 10 percent share of total global output, generating export of $12 billion in 2020. Saudi Arabia is also the global production leader of several key products, including ethylene, glycol, polyethylene and methyl tert-butyl ether (MYBE). Saudi Arabia is one of the most cost-efficient places in the world in its ethylene production, helping the Kingdom to take a 10 percent share of total global production.

  • Services:

Service sector is an important part in the Saudi Arabia's economy. It contributes almost 53.27% in the GDP and employed almost 72.35% of the total Saudi Arabia's workforce.

Major Industries in this Sector:

Finance: The financial sector in Saudi Arabia has four segments — banks, insurance companies, finance companies, and authorized persons (APs). The Saudi Arabian Monetary Authority (SAMA) supervises the functioning of the first three segments and the Capital Market Authority (CMA) supervises the fourth. In banking sector, it is a fact that Saudi banks have felt the heat from some rating agencies, although S&P reported that Saudi banks have shown the most resilience in the region. In the insurance sector, for the past several years, the Saudi central bank has been urging and encouraging companies to strengthen their financial solvency and seek consolidation via mergers or acquisitions.

Tourism: In 2019 the Travel & Tourism generated $25 billion towards GDP, or 8.6% to the region's economy. Saudi Arabia had the fastest growing Travel & Tourism sector in 2019, with the sector growing by 14% to make up 9.5% of the total economy in the country. Travel & Tourism supported nearly 1.5 million jobs, or 11.2% of total employment in the country. Although most tourism in Saudi Arabia still largely involves religious pilgrimages, there is growth in the leisure tourism sector. As the tourism sector has been largely boosted lately, the sector is expected to be the white oil for Saudi Arabia.

Top Companies in Saudi Arabia:

Company NameSectorMarket Cap (USD)
Saudi Arabian Oil CompanyOil and Gas2051.50B
Saudi Basic Industries CorporationChemical81.12B
Saudi Telecom CompanyTelecommunication56.483B
Al Rajhi Banking and Investment CorporationBanking49.06B
National Commercial BankBanking34.569B
Saudi Electric Company能源23.66B
Riyad BankFinancial Services19.53B
Saudi British BankFinancial Services19.113B
Samba Financial GroupFinancial Services16.29B
Saudi Arabian Mining CompanyMining13.29B


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