Saudi Arabia
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 577 bn Goods Exports 365
GDP per capita (USD) 20,542 Imports 120
GDP volume growth (year-on-year) + 6.8% Net + 245
Population 28.08m Services Exports 11
MMR (year average) 0.69% Imports 78
Exchange rate SAR / USD (year average) 3.7500 Net – 67
BoP (goods, services & income) as % of GDP + 32.6% Source: IFS, IMF, January 2013International/Regional memberships
Gulf Cooperation Council (GCC):
since 25 May 1981.
The Organization of Oil Exporting
Countries (OPEC): founding member since
September 1960.
International Monetary Fund (IMF):
since 26 August 1957
World Trade Organization (WTO):
since 11 December 2005.Government trade policy
Much of Saudi Arabia’s trade policy is
directed through membership of the GCC
(www.gccsg.org/eng/index.php).
As a GCC member, Saudi Arabia is able to
trade with other GCC member states (Qatar,
Kuwait, Oman, Bahrain and the UAE) withoutinvestment and service trade barriers.
Through the GCC common market, launched
in 2008, Saudi Arabia’s businesses and
citizens receive national treatment in all
GCC countries.
The GCC also operates a customs union
in which members are subject to unified
customs duties.
GCC member states have signed bilateral
trade agreements with several countries and
negotiations are ongoing with the European
Union and ASEAN. In 2009 the GCC signed
a free trade agreement with the European
Free Trade Association (EFTA).
Saudi Arabia also has a number of
independent bilateral trade agreements.
Saudi Arabia maintains one free trade zone
located at the Jeddah Islamic Sea Port.Currency and exchange controls
Official currency: Saudi Arabian riyal (SAR).
Exchange rate arrangement: conventional peg
to the USD at a rate of SAR 3.75 per USD 1.
Saudi Arabia does not impose foreign exchange
controls. Permission is required from Saudi Arabia’s
central bank, the Saudi Arabia Monetary
Authority (SAMA — http://www.sama.gov.sa) for
financial credits that are transferred between
non-residents and residents.Bank accounts
Resident companies can hold foreign
currency bank accounts within and outside
Saudi Arabia.
Non-resident companies based in other GCC
member states can hold foreign currency andlocal currency bank accounts in Saudi Arabia
for business or credit reasons with appropriate
documentation and approval from SAMA.
Non-resident (non-banking) companies
based outside the GCC can hold foreign