Editing Economy of Saudi Arabia (section)

== Economic overview ==
[[Oil reserves in Saudi Arabia|Saudi oil reserves]] are the second largest in the world (after [[Oil reserves in Venezuela|Brazilian–Venezuelan oil reserves]]), and Saudi Arabia is the world's leading oil exporter and second-largest oil producer. [[Proven reserves]], according to figures provided by the Saudi government, are estimated to be {{convert|260|Goilbbl|km3}}, which is about one-quarter of the world [[oil reserves]]. Petroleum in Saudi Arabia is not only plentiful but also located under pressure close to the earth's surface, which makes it less expensive and more profitable to extract compared to other places.<ref name="HT2003: 113">[[#HT2003|Tripp, ''Culture Shock'', 2003]]: p.113</ref> The petroleum sector accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and 42% of GDP.<ref>{{Cite news |title=Saudi Arabia |url=https://www.forbes.com/places/saudi-arabia/ |url-status=live |archive-url=https://web.archive.org/web/20180313204832/https://www.forbes.com/places/saudi-arabia/ |archive-date=13 March 2018 |access-date=23 February 2018 |work=Forbes |language=en}}</ref> Saudi Arabia's oil reserves and production are largely managed by the state-owned corporation Saudi Aramco.<ref>{{Cite web |title=Who we are |url=http://www.saudiaramco.com/en/home/about/who-we-are.html |url-status=live |archive-url=https://web.archive.org/web/20180818084004/http://www.saudiaramco.com/en/home/about/who-we-are.html |archive-date=18 August 2018 |access-date=18 August 2018 |website=Saudi Aramco |language=en}}</ref>

Another 40% of the GDP comes from the private sector. An estimated 7.5 (2013) million [[Foreign workers in Saudi Arabia|foreigners work]] legally in Saudi Arabia<ref>{{cite news |date=16 April 2013 |title=New plan to nab illegals revealed |url=http://www.arabnews.com/news/448234 |url-status=live |archive-url=https://web.archive.org/web/20180622114447/http://www.arabnews.com/news/448234 |archive-date=22 June 2018 |access-date=30 April 2013 |newspaper=[[Arab News]]}}</ref> and play a crucial role in developing the Saudi economy, for example in the oil and service sectors. The government has been encouraging the growth of the private sector for many years to decrease the kingdom's dependence on oil and to increase employment opportunities for the swelling Saudi population. In recent decades, the government started allowing private sector activity and foreign investor participation in certain sectors, such as power generation and telecommunications, and acceded to the [[World Trade Organization]]. During much of the 2000s, high oil prices<ref name="HT2009: vii">[[#HT2009|Tripp, ''Culture Shock'', 2009]]: p. vii</ref> allowed the government to post [[Government budget balance|budget surpluses]] and boost spending on job training and education, [[infrastructure]] development, and government salaries.

With its [[absolute monarchy]], large state sector, and supply of welfare benefits, the Saudi economy has been described asː

{{blockquote| A bewildering (at least to outsiders) combination of a feudal fealty system and a more modern political patronage one. At every level in every sphere of activity, Saudis maneuver through life manipulating individual privileges, favours, obligations, and connections. By the same token, the government bureaucracy is a maze of overlapping or conflicting power centers under the patronage of various royal princes with their own priorities and agendas to pursue and dependents to satisfy.<ref name=house-174>{{cite book|author=House, Karen Elliott|title=On Saudi Arabia : Its People, Past, Religion, Fault Lines and Future| publisher=Knopf|year=2012|page=174}}</ref>}}

The following table shows the main economic indicators in 1980–2021 (with [[IMF]] staff estimates in 2022–2027). Inflation under 5% is in green.<ref>{{cite web | url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=456,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects }}</ref><ref name="indexmundi">{{cite web |title=Saudi Arabia – gdp |url=http://www.indexmundi.com/facts/saudi-arabia/gdp |url-status=live |archive-url=https://web.archive.org/web/20121019161548/http://www.indexmundi.com/facts/saudi-arabia/gdp |archive-date=19 October 2012 |access-date=28 September 2012 |publisher=Indexmundi.com}}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in billion [[International dollar|Int$]] PPP)</small>
!GDP per capita
<small>(in Int$ PPP)</small>
!GDP
<small>(in billion US$ nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in percent)</small>
!Unemployment
<small>(in percent)</small>
!Gov. debt
<small>(in % of GDP)</small>
|-
|1980
|418.1
|44,859.5
|164.5
|17,655.1
|{{Increase}}5.7%
|{{Increase}}4.4%
|n/a
|n/a
|-
|1981
|{{Increase}}466.5
|{{Increase}}47,671.8
|{{Increase}}184.3
|{{Increase}}18,832.1
|{{Increase}}1.9%
|{{Increase}}3.6%
|n/a
|n/a
|-
|1982
|{{Decrease}}392.7
|{{Decrease}}38,212.2
|{{Decrease}}153.2
|{{Decrease}}14,912.7
|{{Decrease}}-20.7%
|{{Increase}}1.9%
|n/a
|n/a
|-
|1983
|{{Decrease}}342.5
|{{Decrease}}31,746.0
|{{Decrease}}129.2
|{{Decrease}}11,972.2
|{{Decrease}}-16.1%
|{{Increase}}0.6%
|n/a
|n/a
|-
|1984
|{{Decrease}}338.4
|{{Decrease}}29,864.0
|{{Decrease}}119.6
|{{Decrease}}10,558.7
|{{Decrease}}-4.7%
|{{Increase}}-0.7%
|n/a
|n/a
|-
|1985
|{{Decrease}}314.9
|{{Decrease}}26,466.2
|{{Decrease}}103.9
|{{Decrease}}8,732.8
|{{Decrease}}-9.8%
|{{Increase}}-2.3%
|n/a
|n/a
|-
|1986
|{{Increase}}375.9
|{{Increase}}30,086.7
|{{Decrease}}86.9
|{{Decrease}}6,955.1
|{{Increase}}17.0%
|{{Increase}}-3.1%
|n/a
|n/a
|-
|1987
|{{Decrease}}359.6
|{{Decrease}}27,414.1
|{{Decrease}}85.6
|{{Decrease}}6,524.2
|{{Decrease}}-6.6%
|{{Increase}}-2.4%
|n/a
|n/a
|-
|1988
|{{Increase}}421.1
|{{Increase}}30,571.4
|{{Increase}}88.1
|{{Decrease}}6,398.8
|{{Increase}}13.1%
|{{Increase}}-0.4%
|n/a
|n/a
|-
|1989
|{{Increase}}435.4
|{{Decrease}}30,103.8
|{{Increase}}95.2
|{{Increase}}6,583.3
|{{Decrease}}-0.5%
|{{Increase}}1.2%
|n/a
|n/a
|-
|1990
|{{Increase}}520.3
|{{Increase}}34,260.8
|{{Increase}}117.5
|{{Increase}}7,735.0
|{{Increase}}15.2%
|{{Increase}}-1.1%
|n/a
|n/a
|-
|1991
|{{Increase}}618.7
|{{Increase}}38,793.7
|{{Increase}}132.0
|{{Increase}}8,280.2
|{{Increase}}15.0%
|{{Increase}}3.9%
|n/a
|39.4%
|-
|1992
|{{Increase}}658.0
|{{Increase}}38,823.1
|{{Increase}}136.9
|{{Decrease}}8,077.7
|{{Increase}}4.0%
|{{Increase}}-1.0%
|n/a
|{{IncreaseNegative}}47.8%
|-
|1993
|{{Increase}}664.4
|{{Decrease}}38,455.7
|{{Decrease}}132.8
|{{Decrease}}7,686.0
|{{Decrease}}-1.4%
|{{Increase}}1.2%
|n/a
|{{IncreaseNegative}}58.6%
|-
|1994
|{{Increase}}682.4
|{{Increase}}38,550.2
|{{Increase}}135.0
|{{Decrease}}7,626.4
|{{Increase}}0.6%
|{{Increase}}1.4%
|n/a
|{{IncreaseNegative}}67.9%
|-
|1995
|{{Increase}}698.2
|{{Decrease}}38,497.0
|{{Increase}}143.2
|{{Increase}}7,893.4
|{{Increase}}0.2%
|{{IncreaseNegative}}5.1%
|n/a
|{{IncreaseNegative}}74.2%
|-
|1996
|{{Increase}}729.7
|{{Increase}}39,271.8
|{{Increase}}158.5
|{{Increase}}8,527.7
|{{Increase}}2.6%
|{{Increase}}0.3%
|n/a
|{{IncreaseNegative}}75.2%
|-
|1997
|{{Increase}}750.5
|{{Increase}}39,422.1
|{{Increase}}165.7
|{{Increase}}8,706.3
|{{Increase}}1.1%
|{{Increase}}-0.2%
|n/a
|{{IncreaseNegative}}76.7%
|-
|1998
|{{Increase}}780.9
|{{Increase}}40,036.4
|{{Decrease}}146.8
|{{Decrease}}7,525.3
|{{Increase}}2.9%
|{{Increase}}-0.4%
|n/a
|{{IncreaseNegative}}101.5%
|-
|1999
|{{Decrease}}762.1
|{{Decrease}}38,136.5
|{{Increase}}161.7
|{{Increase}}8,092.7
|{{Decrease}}-3.8%
|{{Increase}}-2.1%
|4.3%
|{{IncreaseNegative}}103.0%
|-
|2000
|{{Increase}}823.2
|{{Increase}}40,207.4
|{{Increase}}189.5
|{{Increase}}9,256.5
|{{Increase}}5.6%
|{{Increase}}-1.0%
|{{IncreaseNegative}}4.6%
|{{DecreasePositive}}86.7%
|-
|2001
|{{Increase}}831.5
|{{Decrease}}39,642.3
|{{Decrease}}184.1
|{{Decrease}}8,778.4
|{{Decrease}}-1.2%
|{{Increase}}-1.1%
|{{IncreaseNegative}}4.6%
|{{IncreaseNegative}}93.1%
|-
|2002
|{{Decrease}}820.7
|{{Decrease}}38,187.7
|{{Increase}}189.6
|{{Increase}}8,822.5
|{{Decrease}}-2.8%
|{{Increase}}0.1%
|{{IncreaseNegative}}5.3%
|{{IncreaseNegative}}96.4%
|-
|2003
|{{Increase}}931.0
|{{Increase}}42,278.8
|{{Increase}}215.8
|{{Increase}}9,800.5
|{{Increase}}11.2%
|{{Increase}}0.5%
|{{IncreaseNegative}}5.6%
|{{DecreasePositive}}81.6%
|-
|2004
|{{Increase}}1,032.1
|{{Increase}}45,739.0
|{{Increase}}258.7
|{{Increase}}11,467.1
|{{Increase}}8.0%
|{{Increase}}0.3%
|{{IncreaseNegative}}5.8%
|{{DecreasePositive}}62.9%
|-
|2005
|{{Increase}}1,123.7
|{{Increase}}48,168.2
|{{Increase}}328.2
|{{Increase}}14,068.2
|{{Increase}}5.6%
|{{Increase}}0.6%
|{{IncreaseNegative}}6.1%
|{{DecreasePositive}}37.3%
|-
|2006
|{{Increase}}1,190.7
|{{Increase}}49,362.7
|{{Increase}}376.4
|{{Increase}}15,604.0
|{{Increase}}2.8%
|{{Increase}}1.9%
|{{IncreaseNegative}}6.3%
|{{DecreasePositive}}25.8%
|-
|2007
|{{Increase}}1,245.5
|{{Increase}}49,936.8
|{{Increase}}415.7
|{{Increase}}16,666.6
|{{Increase}}1.8%
|{{Increase}}5.0%
|{{DecreasePositive}}5.6%
|{{DecreasePositive}}17.1%
|-
|2008
|{{Increase}}1,348.7
|{{Increase}}52,301.7
|{{Increase}}519.8
|{{Increase}}20,157.3
|{{Increase}}6.3%
|{{IncreaseNegative}}6.1%
|{{DecreasePositive}}5.2%
|{{DecreasePositive}}12.1%
|-
|2009
|{{Decrease}}1,329.4
|{{Decrease}}49,863.3
|{{Decrease}}429.1
|{{Decrease}}16,094.7
|{{Decrease}}-2.1%
|{{Increase}}4.3%
|{{IncreaseNegative}}5.4%
|{{IncreaseNegative}}14.0%
|-
|2010
|{{Increase}}1,413.2
|{{Increase}}51,270.0
|{{Increase}}528.2
|{{Increase}}19,163.3
|{{Increase}}5.0%
|{{Increase}}3.7%
|{{IncreaseNegative}}5.5%
|{{DecreasePositive}}8.4%
|-
|2011
|{{Increase}}1,586.7
|{{Increase}}55,918.0
|{{Increase}}671.2
|{{Increase}}23,654.9
|{{Increase}}10.0%
|{{Increase}}3.7%
|{{IncreaseNegative}}5.8%
|{{DecreasePositive}}5.4%
|-
|2012
|{{Increase}}1,672.5
|{{Increase}}57,284.5
|{{Increase}}736.0
|{{Increase}}25,208.2
|{{Increase}}5.4%
|{{Increase}}2.9%
|{{DecreasePositive}}5.5%
|{{DecreasePositive}}3.0%
|-
|2013
|{{Increase}}1,680.2
|{{Decrease}}56,015.9
|{{Increase}}746.6
|{{Decrease}}24,893.0
|{{Increase}}2.7%
|{{Increase}}3.5%
|{{IncreaseNegative}}5.6%
|{{DecreasePositive}}2.1%
|-
|2014
|{{Increase}}1,722.9
|{{Increase}}56,785.5
|{{Increase}}756.4
|{{Increase}}24,929.3
|{{Increase}}3.7%
|{{Increase}}2.2%
|{{IncreaseNegative}}5.7%
|{{DecreasePositive}}1.6%
|-
|2015
|{{Decrease}}1,541.8
|{{Decrease}}49,637.2
|{{Decrease}}654.3
|{{Decrease}}21,063.3
|{{Increase}}4.1%
|{{Increase}}1.2%
|{{DecreasePositive}}5.6%
|{{IncreaseNegative}}5.8%
|-
|2016
|{{Decrease}}1,475.7
|{{Decrease}}46,422.9
|{{Decrease}}644.9
|{{Decrease}}20,288.9
|{{Increase}}1.7%
|{{Increase}}2.1%
|{{IncreaseNegative}}5.6%
|{{IncreaseNegative}}13.1%
|-
|2017
|{{Increase}}1,565.9
|{{Increase}}48,014.6
|{{Increase}}688.6
|{{Increase}}21,114.0
|{{Decrease}}-0.7%
|{{Increase}}-0.8%
|{{IncreaseNegative}}6.0%
|{{IncreaseNegative}}17.2%
|-
|2018
|{{Increase}}1,643.6
|{{Increase}}49,189.7
|{{Increase}}816.6
|{{Increase}}24,438.5
|{{Increase}}2.5%
|{{Increase}}2.5%
|{{Steady}}6.0%
|{{IncreaseNegative}}18.3%
|-
|2019
|{{Increase}}1,678.6
|{{Decrease}}49,055.7
|{{Decrease}}803.6
|{{Decrease}}23,485.1
|{{Increase}}0.3%
|{{Increase}}-2.1%
|{{DecreasePositive}}5.7%
|{{IncreaseNegative}}22.5%
|-
|2020
|{{Decrease}}1,628.5
|{{Decrease}}46,511.7
|{{Decrease}}703.4
|{{Decrease}}20,088.5
|{{Decrease}}-4.1%
|{{Increase}}3.4%
|{{IncreaseNegative}}7.4%
|{{IncreaseNegative}}32.4%
|-
|2021
|{{Increase}}1,751.2
|{{Increase}}49,386.2
|{{Increase}}833.5
|{{Increase}}23,507.3
|{{Increase}}3.2%
|{{Increase}}3.1%
|{{DecreasePositive}}6.7%
|{{DecreasePositive}}30.0%
|-
|2022
|{{Increase}}2,018.3
|{{Increase}}55,802.3
|{{Increase}}1,010.6
|{{Increase}}27,941.5
|{{Increase}}7.6%
|{{Increase}}2.7%
|n/a
|{{DecreasePositive}}24.8%
|-
|2023
|{{Increase}}2,166.9
|{{Increase}}58,736.3
|{{Decrease}}996.4
|{{Decrease}}27,008.8
|{{Increase}}3.7%
|{{Increase}}2.2%
|n/a
|{{IncreaseNegative}}25.1%
|-
|2024
|{{Increase}}2,277.1
|{{Increase}}60,513.7
|{{Increase}}1,016.7
|{{Increase}}27,018.7
|{{Increase}}2.9%
|{{Increase}}2.0%
|n/a
|{{DecreasePositive}}24.6%
|-
|2025
|{{Increase}}2,386.6
|{{Increase}}62,180.3
|{{Increase}}1,044.2
|{{Increase}}27,206.4
|{{Increase}}2.9%
|{{Increase}}2.0%
|n/a
|{{DecreasePositive}}24.0%
|-
|2026
|{{Increase}}2,503.7
|{{Increase}}63,953.2
|{{Increase}}1,077.6
|{{Increase}}27,525.0
|{{Increase}}2.9%
|{{Increase}}2.0%
|n/a
|{{DecreasePositive}}23.2%
|-
|2027
|{{Increase}}2,629.4
|{{Increase}}65,847.1
|{{Increase}}1,116.1
|{{Increase}}27,950.0
|{{Increase}}3.0%
|{{Increase}}2.0%
|n/a
|{{DecreasePositive}}22.4%
|}