Economy of Saudi Arabia (2017)
|
GDP (billion USD)
|
683,8
|
Inflation rate (%)
|
-0,23
|
|
GDP growth rate (%)
|
-0,7
|
Unemployment rate (%)
|
6
|
|
Population (million)
|
32,9
|
Export (fob-billion
$
)
|
221
|
|
GDP per capita (USD)
|
20,760
|
Import (cif-billion
$
)
|
130,1
|
Main import partners: People’s Republic of China, USA, United Arab
Emirates, Germany, Japan, India, South Korea
Main export partners: United Arab Emirates, People’s Republic of China,
Singapore, India, Kuwait, Türkiye
Main import items: Crude oil, organic chemicals, plastic and plastic
products
Main export items:
Passenger vehicles, electrical and electronic equipment, medicine, poultry
Bilateral Trade and Economic Relations (billion USD):
|
|
2015
|
2016
|
2017
|
2018
|
|
|
Export
|
3,47
|
3,17
|
2,74
|
2,64
|
|
|
Import
|
2,12
|
1,84
|
2,11
|
2,32
|
|
|
Volume
|
5,59
|
5,01
|
4,85
|
4,96
|
|
|
Balance
|
1,35
|
1,33
|
0,63
|
0,32
|
|
Source: TurkStat
Declining bilateral trade since 2015 slightly increased in 2018.
According to the data provided by the Saudi Arabia General Investment
Administration (SAGIA), Türkiye's investment in Saudi Arabia is worth of
approximately 660 million USD, with more than 200 Turkish companies
operating in this country. Saudi Arabia ranks second among the Gulf
countries (after Qatar) and seventh worldwide in terms of the number of
projects carried out by Turkish contractors. In this context, Turkish
contracting companies have undertaken more than 100 projects in Saudi
Arabia so far.
The value of Saudi investments in Türkiye is estimated to be around USD 2
billion. In 2017, Saudi citizens purchased 3.545 properties in Türkiye.
Türkiye’s main export items to Saudi Arabia:
Carpet, refined oil products, electrical panels, construction iron,
furniture
Türkiye’s main import items from Saudi Arabia:
Oil and chemical products
Number of Saudi Arabian tourists visiting Türkiye
: 450.674 (2015); 476.561 (2016), 651.170 (2017), 747.233 (2018)
Bilateral Cooperation Mechanisms:
Joint Economic Commission (JEC) Meeting:
The 11th meeting of the JEC was convened on 4-6 November 2013 in
Ankara. Murat Kurum, the Minister of Environment and Urbanization, is the
current Turkish co-chair of the JEC.
Turkish-Saudi Business Council:
The Turkish-Saudi Business Council was established on 11 October 2003 in Jeddah and the last meeting of the
Council was held on 30 November 2016 in Istanbul. Additionally,
Turkish-Saudi Arabia Business Council Executive Committee Members visited
Riyadh on 25 February 2018.