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Saudi Arabia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
28,571,770 (July 2017 est.)GDP (PPP)
$1.789 trillion (2017 est.)Second largest economy on the Middle East after Turkey
GDP growth rate
0.1% (2017 est.)The economy slowed sharply after experiencing much healthier rates in 2015 (4.1%) and 2016 (1.7%) due to austerity measures following the oil price crash
GDP (PPP) per capita
$55,300 (2017 est.)Very high
Local currency
Saudi Riyal (SAR)Pegged to the USD since 1986 (officially 2003)
Financial stability (Public debt)
30% of GDP (2017 est.)Low but rising from very low levels (22.3% in 2016)
Inflation
-0.2% (2017 est.)Deflation
Language
ArabicEnglish not commonly spoken
Corruption perception index (Source: Transparency International)
57/180Medium to high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
5% VAT rate on most goods and services, with some exemptions Some products are subject to excise tax: cigarettes (100%), soft drinks (50%), energy drinks (100%)
Corporate Tax
20% standard corporate tax rate (only for non-Saudi investors) Special regimes apply for the oil and gas industry
Duties
Customs duties are imposed on imports according to tariff rates that can be as high as 20% (on some maunfactured, protected goods)
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