ICT, travel and tourism, transport, insurance & finance, refined petroleum oil, crude petroleum oil, petroleum gases, polymers, electronics, machinery, automotive, chemicals, metals, agriculture and textiles are major industries of Saudi Arabia.
In 2020, Services industry exports was valued at USD 90.2 billion for Saudi Arabia. Electronics export accounted for USD 17 billion, machinery for USD 28.2 billion, vehicles for USD 55.6 billion, chemicals for USD 50.9 billion, metals for USD 24 billion, minerals for USD 15.8 billion, stones for USD 9.06 billion, textiles for USD 22.2 billion and agriculture for USD 69.4 billion in 2020.
Saudi Arabia, officially known as the Kingdom of Saudi Arabia, is the largest Arab state in Western Asia by land area approximately 830,000 square miles, constituting the bulk of the Arabian Peninsula and the second largest in the Arab world, after Algeria. It shares its borders with Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east, Oman to the southeast, and Yemen in the south.
Saudi Arabia is estimated to have population of 35.489 million in the year 2023 and expected to reach 39.183 million by 2028, increasing at a CAGR of 2%.
Saudi Arabia’s real gross domestic product (GDP) was SAR 2974.8 billion in 2022. It is expected to increase by a CAGR of 3.03% to be around SAR 3558.76 billion by 2028. [4]
Saudi Arabia’s per capita GDP was USD 31849.73 whereas purchasing power parity (PPP) based per capita GDP was USD 61807.59 for the year 2022.
In 2022, Saudi Arabia government’s revenue was SAR 1270.35 billion whereas the expenditure was SAR 1166.02 billion. This resulted in Saudi Arabia government’s net lending / borrowing positive at SAR 104.332 billion in 2022 indicating that enough financial resources were made available by the Saudi Arabia government to boost economic growth.
The current account balance for Saudi Arabia was positive USD 152.841 billion for the year 2022 and is expected to decrease at a CAGR of 184.08% and reach negative USD 13.17 billion by 2028. This negative current account balance indicates that Saudi Arabia will become a net borrower from the rest of the world by 2028.
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Links
[1] https://www.marketresearchreports.com/countries/saudi-arabia[2] https://www.marketresearchreports.com/business-government[3] https://www.marketresearchreports.com/country-pestel-analysis[4] https://www.marketresearchreports.com/market-research-reports-inc/middle-east-pestelpestle-analysis-market-research-report