All values, unless otherwise stated, are in US dollars.
The economy of Saudi Arabia is the second-largest in the Middle East and the seventeenth-largest in the world.[6] The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.[13]
The kingdom has the second-largestprovenpetroleum reserves,[14] and the fourth-largest measured natural gas reserves.[15] Saudi Arabia is currently the largest exporter of petroleum in the world.[16] 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 2035 program to reduce its dependency on oil and diversify its economic resources.[17] By 2022, Saudi Arabia had only modestly reduced its dependence on oil.[13]
Monetary policy in Saudi Arabia is anchored by the fixed exchange rate of the Saudi Riyal to the U.S. Dollar.[18]
^Workman, Daniel (30 November 2018). "Crude Oil Exports by Country". World's Top Exports. Archived from the original on 9 December 2018. Retrieved 12 December 2018.
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