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Memo Provided By: Globaledge.Msu.Edu and EXPORT.GOV Saudi Arabia Introduction Key Economic Facts Risk Assessment (Provided by Coface) Saudi Arabia is a country in the Middle East bordering the Income Level (by per capita High Income Country rating: C - A very uncertain political and economic Persian Gulf and the Red Sea. Extensive coastlines provide GNI): outlook and a business environment with many troublesome leverage on shipping, especially crude oil, through the Level of Development: Developing weaknesses can have a significant impact on corporate Persian Gulf and Suez Canal. GDP, PPP (current international $1,680.54 billion (2019) Neighboring countries include Iraq, $): payment behavior. Corporate default probability is high. Jordan, Kuwait, Oman, Qatar, United GDP growth (annual %): 0.33% (2019) Business Climate rating: B - The business environment is Arab Emirates, and Yemen. The GDP per capita, PPP (current $49,040.34 (2019) mediocre. The availability and the reliability of corporate geography of Saudi Arabia is primarily international $): financial information vary widely. Debt collection can desert with rugged mountains in the southwest. The Manufacturing, value added (% 12.54% (2019) sometimes be difficult. The institutional framework has a few government system is a monarchy; the chief of state and of GDP): head of government is the king and prime minister. Saudi Current account balance (BoP, $46.95 billion (2019) troublesome weaknesses. Intercompany transactions run Arabia is a member of the current US$): appreciable risks in the unstable, largely inefficient League of Arab States (Arab Inflation, consumer prices -2.09% (2019) environments rated B. (annual %): League) and the Gulf Strengths Cooperation Council (GCC). Labor force, total: 14,731,295 (2020) Unemployment, total (% of 5.86% (2020) • Key oil producer of OPEC, vast proven oil reserves total labor force) (modeled ILO • Large financial resources estimate): • Economic diversification and reform efforts to attract Imports of goods and services $218.94 billion (2019) (current US$): foreign investments Location: Western Asia Exports of goods and services $285.86 billion (2019) • Growing population fueling domestic demand Capital City: Riyadh (+3 GMT) (current US$): • Rising government support for tourism Chief of State: King and Prime Minister Salman bin Weaknesses Abd al-Aziz Al Saud • High dependence on hydrocarbon despite economic Head of Govt.: King and Prime Minister Salman bin GDP Composition % Abd al-Aziz Al Saud Agriculture Services Industry Manufacturing diversification efforts Currency: Saudi riyal (SAR) • Exposure to volatility in energy prices Major Languages: <p>Arabic (official)</p> 50 47 • Dependence on foreign labor Primary Religions: <p>Muslim (official; citizens are 85- 2 13 • Weakness in the non-oil sector exacerbated by 90% Sunni and 10-15% Shia), other (includes Eastern Orthodox, *Although Manufacturing is included in the Industry figures, it is also separately COVID-19 Protestant, Roman Catholic, Jewish, reported because it plays a critical role in economy. Hindu, Buddhist, and Sikh)</p> Rankings U.S. Embassy Calling Code: 966 Index Rank U.S. Embassy Riyadh Voltage: 127/220 Corruption Perceptions Index 51 / 180 P.O. Box 94309 EY Globalization Index 41 / 60 Riyadh 11693 Key Websites Saudi Arabia Global Competitiveness Index 36 / 141 Telephone: 966-11-4883800 Main Government Page: my.gov.sa Global Enabling Trade Index 67 / 136 Commerce Ministry: mci.gov.sa Global Manufacturing Competitiveness Index 34 / 40 https://sa.usembassy.gov Export Promotion Agency: csc.org.sa (GMCI) Investment Promotion sagia.gov.sa Index of Economic Freedom 91 / 179 Agency: International Logistics Performance Index (LPI) 55 / 160 Inward FDI Potential Index 28 / 139 KOF Index of Globalization 51 / 185 Networked Readiness Index (NRI) 33 / 139 Open Budget Index 109 / 115 Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.
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