Burning momentum in 2022, braking sharply in 2023: Will 2024 be a limbo year?

B1

LOW RISK FOR ENTERPRISE

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in January 2024.

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GDP
USD1108.1bn (World ranking 17, World Bank 2022)
Population
36.4mn (World ranking 41, World Bank 2022)
Form of state Monarchy
Head of government King SALMAN bin Abdulaziz Al Saud
Next elections None
  • Second-largest proven oil reserves globally, low extraction costs and over 70 years of oil supply at current production rates
  • Commitment to Vision 2030 remains, as well as funding to mega-projects for a diverse economy
  • Stable inflation thanks to large export revenues, ample reserves and a strict monetary tightening cycle helps the construction sector and overall project financing
  • Over 30% of GDP and 70% of exports reliant on hydrocarbons, exposing vulnerability to oil price fluctuations
  • The resurgence of conflicts in the Middle East pose a threat to investors and people appetite for the region, impacting long-term prospects
  • Succession dynamics and governance issues affect international perception and create uncertainties

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
China 17.9%
1
21.2% China
India 10.9%
2
9.2% United States
Japan 10.3%
3
6.4% United Arab Emirates
Korea, Republic of 9.9%
4
5.6% India
United Arab Emirates 5.8%
5
4.2% Germany

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Petroleum, petroleum products and related materials 72.5%
1
9.7% Road vehicles
Plastics in primary forms 8.2%
2
5.9% Telecommunication and sound recording apparatus
Organic chemicals 5.9%
3
5.9% Petroleum, petroleum products and related materials
Gas, natural and manufactured 2.6%
4
5.5% Iron and steel
Fertilizers other than group 272 1.4%
5
5.1% Other industrial machinery and parts