The Economy of Saudi Arabia
Saudi Arabia at a Glance
Saudi Arabia is the world's largest oil exporter, a founding member of OPEC and the biggest economy in the Middle East, now trying to diversify beyond oil.
Saudi Arabia holds about a sixth of the world’s proven oil reserves and pumps around ten million barrels a day.
Weight of oil
Oil generates most government revenue and export earnings, making the budget sensitive to oil prices.
Population
About 35 million people, with a large young population and a big share of foreign workers.
Vision
The country aims to build new industries under Vision 2030.
A budget tied to a barrel
When oil prices fall, government revenue falls and spending plans must adjust.
Assuming oil makes the economy simple to manage
Price swings create challenges.
Key takeaways
- Saudi Arabia is the top oil exporter.
- Oil dominates revenue.
- The population is young.
- Vision 2030 seeks diversification.
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