Data bank: Saudi Arabia key economic indicators

04 November 2015

While the kingdom’s projects market remains the largest in the region, government revenues will grow at a restrained rate

GCC projects planned or under way

There are an estimated $2.655 trillion-worth of projects planned or underway in the GCC. Saudi Arabia is the biggest projects market in the region, accounting for 39 per cent of the total, followed by the UAE. Within Saudi Arabia, the three biggest sectors by value are construction, transport and power.

Value of GCC projects planned or underway                                                         
Source: MEED Projects
CountryValue ($m)
Bahrain72,835
UAE846,381
Qatar279,121
Kuwait246,368
Saudi Arabia1,040,721
Oman169,449

Biggest projects by contract award value ($m) in Saudi Arabia ($m)
Source: MEED Projects
ProjectClientIndustryValue ($m)
Riyadh Light Rail Transit (Riyadh Metro): Lines 1 & 2Arriyadh Development Authority (ADA)Transport9,289
Haramain High-Speed Rail Network (HHR): Phase 2Saudi Railways OrganisationTransport8,396
Riyadh Light Rail Transit (Riyadh Metro): Lines 4, 5 & 6ADATransport7,820
Riyadh Light Rail Transit (Riyadh Metro): Line 3ADATransport5,942
King Abdulaziz International Airport in Jeddah: Phase 1: New Terminal: Package 1GACATransport4,034
Military Medical City in Riyadh: Phase 1Ministry of DefenceConstruction3,800
Housing Development: Phase 2Saudi National GuardConstruction3,600
Abraj Kudai in MeccaMinistry of FinanceConstruction3,500
Rabigh Power Plant Extension - Phase 6Saudi Electricity CompanyPower3,400
King Abdullah Project: Security Forces Medical Complex: JeddahMinistry of InteriorConstruction3,350

Selected planned projects in Saudi Arabia ($m)
Source: MEED Projects
ProjectClientIndustryValue ($m)StageExpected award year
Nuclear Power ReactorKing Abdullah City for Atomic & Renewable EnergyPower63,000Study2033
Yanbu Oil-To-Chemical ComplexSaudi Basic Industries CorporationChemical30,000Feed2017
Sustainable CityKing Abdullah City for Atomic & Renewable EnergyConstruction27,000Study2017
Yanbu Integrated Refinery & Petrochemicals ComplexSaudi AramcoChemical20,000Study2017
Heart of Jeddah DevelopmentJeddah Development & Urban RegenerationConstruction19,767Main Contract PQ2016
Al Ruwais Regeneration in JeddahJeddah Development & Urban RegenerationConstruction13,800Study2016
Khozam Development in JeddahKhozam Development CoConstruction12,331Design2016
GCC Water GridGulf Cooperation CouncilWater10,500Study2017
King Abdulaziz International Airport in Jeddah: Phase 2Saudi Arabia General Authority for Civil AviationTransport10,000Study2019
King Abdulaziz International Airport in Jeddah: Phase 3Saudi Arabia General Authority for Civil AviationTransport10,000Study2029

Saudi hydrocarbons production
 2008-2012*201320142015e2016f
Saudi Arabia crude oil productionn (million barrels a day)8.99.69.710.210.2
Saudi Arabia natural gas production (million barrels a day equivalent)1.61.92.02.02.1
Source: IMF; *=average

Saudi Arabia's external breakeven oil price

The kingdom’s external breakeven oil price is forecast to remain broadly flat in 2016, at $64.7 a barrel, compared with an estimated level of $63.8 a barrel in 2015. The external breakeven oil price is the oil price at which the current account balance is zero.

Gross official reserves

Gross official reserves will fall from their 2014 peak. This highlights the number of months worth of tradable reserves Saudi Arabia holds

General government revenues

The IMF estimates that government revenues will fall almost 35 per cent in 2015, to SR684bn. There will be a further fall in 2016, to SR659bn, with recovery beginning in 2017.

Oil and non oil real GDP growth

Oil GDP growth will fall substantially, from an estimated 4.2 per cent in 2015 to 1.2 per cent in 2016, while non-oil GDP growth will be unchanged at 3 per cent.

Total government gross debt

Total government gross debt will rise from 6.7 per cent of GDP in 2015 to 17.3 per cent of GDP in 2017, according to IMF forecasts

Total gross external debt

Total gross external debt will remain at 15 per cent in 2016 according to IMF forecasts

Saudi economic indicators
 20132014201520162017201820192020
Nominal GDP ($bn)744.3746.2632.1*643.2694.5749.2799.8848.6
GDP per capita ($)24,81624,25220,13920,09321,26922,49423,54124,488
Real GDP growth (annual change, %)2.73.53.4*2.22.93.03.13.2
Government revenue (% of GDP)41.437.328.9*27.327.727.726.925.9
Government total expenditure (% of GDP35.640.850.4*46.745.243.941.639.9
General government gross debt (% of GDP)2.21.66.7*17.325.832.838.844.3
Current account balance (% of GDP)18.210.3-3.5*-4.7-1.90.30.6-0.3
Inflation (%)3.02.42.1*2.32.92.92.92.9
Population (millions)30.030.831.4*32.032.733.334.034.7
Unemployment rate (millions)5.65.5n/an/an/an/an/an/a
Source: International Monetary Fund, World Economic Outlook Database, October 2015; * = Estimates start from

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