Economy of Saudi Arabia

The economy of Saudi Arabia is high-income, developing, and is highly reliant on its petroleum sector. Oil & gas account for approximately 22.3% of Saudi GDP^[14] and 55% of government revenue, with substantial fluctuations depending on oil prices each year.^[15]

The kingdom has the second-largest proven petroleum reserves,^[16] and the fourth-largest measured natural gas reserves.^[17] Saudi Arabia is currently the largest exporter of petroleum in the world.^[18] Other major parts of the economy include refining and chemical manufacturing from the oil reserves, much of which is vertically integrated in the state-owned enterprise, Saudi Aramco. Saudi Arabia is a permanent and founding member of OPEC.

In 2016, the Saudi government launched its Saudi Vision 2030 program to reduce its dependency on oil and diversify its economic resources.^[19] By 2022, Saudi Arabia had only modestly reduced its dependence on oil.^[15]

Monetary policy in Saudi Arabia is anchored by the fixed exchange rate of the Saudi Riyal to the U.S. Dollar.^[20]

Nearly every major business in Saudi Arabia has extensive ties to the Saudi State.^[21]

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