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Saudi Arabia Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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
Arabic

English not commonly spoken

Corruption perception index (Source: Transparency International)
57/180

Medium 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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