Oil and gas producing countries in the Middle East are among those with the highest reliance on oil and gas for their economic performance. In 2023, Saudi Arabia attributed half of its GDP to oil and gas industry activity. Of the five countries with the highest oil and gas share in GDP, four were in the Middle East. By comparison, despite being the world’s largest oil producer, the oil and gas industry in the United States accounted for only eight percent of total GDP. The role of oil and gas in Saudi Arabia The oil and gas industry is the single most significant contributor to the economy of Saudi Arabia. The country is home to the largest conventional oil field in the world, the Ghawar Field, and oil production reaches around 11.4 million barrels per day. Oil and gas exports are the country’s main means of income. Due to a lower domestic demand than its closest producing competitors, the U.S. and Russia, Saudi Arabia has remained the country with the highest value of oil exports. In 2023, oil exports brought in over 210 billion U.S. dollars. GDP growth amid a stagnating oil market Oil prices and as such oil demand are the greatest determinant for the industry’s financial contributions. In 2024, a sluggish world oil market dampened prices for most of the second half of the year. This will likely be reflected in the fiscal year performance of major oil and gas entities such as Saudi Arabia’s Saudi Aramco and also impact GDP growth projections.

GDP Growth Non Oil Sector in Saudi Arabia increased to 4.40 percent in the second quarter of 2024 from 3.40 percent in the first quarter of 2024. This dataset includes a chart with historical data for Saudi Arabia GDP Growth Non Oil Sector.

In 2022, the GDP contribution from the oil sector in Saudi Arabia was predicted as to around 1.6 billion Saudi riyals. The prediction for the non-oil private sector contribution to the GDP of Saudi Arabia was 1.7 billion Saudi Arabia Riyal.

The discovery of oil has had a huge impact on economics and politics within the Middle East, as well as the region’s relationship with the west and the way regional standards of living. Before the discovery of oil, fishing and pearling were the primary economic sectors of many Gulf States. After the discovery of oil and due to the immense value of oil, many Middle East countries made oil their economic focus, changing livelihood of their people in just a few decades. One example is Kuwait, whose economy focused mainly on fishing and pearling prior to the discovery of oil in 1934. Now, oil extraction and processing accounts for 50% of the country’s GDP, 90% of export earnings, and 75% of government revenues1. Typically, the more oil a country exports the less economically diverse it is. Booz & Company did a study to look at the economic diversity of the Gulf States, which are very oil-rich, in comparison to the rest of the world, and found that the economic diversity of the GCC (the countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) was much lower than that of European or other “western” states3. Since oil is a nonrenewable resource it will become important for these countries to diversify their economies and become independent of oil as reserve levels decline. Recently, attempts of economic diversification have been made in several oil diverse nations such as the aluminum smelting industry in Bahrain, Qatar, and the UAE, taken up as an attempt to diversify their economy6; however, the reason that the industry of aluminum smelting has grown in these counties is because aluminum smelting requires immense amounts of oil. Therefore, the economics of these counties is in reality not that diversified. The Export Diversity Index is defined as the number of prominent commodities a country exports. Goods made from the same derivative, such as crude oil and petroleum products, were categorized as belonging in the same industry for simplicity purposes. The data represented in the map was obtained from lists of each country's ten most lucrative exports, and the index ranges on a scale of 1 to 10 different exports4. We noticed that the countries with the greatest volume oil resources had the lowest score on the index because more goods they produced were related to the oil industry. The map of oil reserves gives a good visual representation of which Middle Eastern countries are the most oil-rich, and shows a high concentration of marks in the Gulf states, particularly the in the Persian Gulf where off-shore reserves are located. The countries with the lowest score on the index were Saudi Arabia (with a score of 2), Kuwait (4), Bahrain (2), and Qatar (2). It is interesting to note that although other countries may have high concentrations of certain resources within their borders it is only the oil-rich countries that have the lowest levels of export diversity. The only exceptions to this trend are countries with a government that has made particularly strong efforts to become less oil-reliant, such as the United Arab Emirates7. Although, we recognize that a country's economic diversity also accounts for its domestic economy, which generally relies heavily on the country's exports. Therefore this analysis concludes that the Export Diversity Index is an indicator of a country's economic index. The data we have compiled has implications for the future of many of the Gulf States, especially Saudi Arabia, as the international community attempts to wean itself off of fossil fuels.Amanda Doyle, March 2012WORKS CITED1.“Kuwait Economy”. Encycopedia of the Nations, Advameg, Inc. 2011. http://www.nationsencyclopedia.com/Asia-and-Oceania/Kuwait-ECONOMY.html.2.Burke, Edmund, and Yaghoubian, David N. Struggle and Survival in the Modern Middle East. 2nd ed. University of California Press: Berkley, CA, 2006.3.“Economic Diversification”. The Ideation Center. 2011. http://www.ideationcenter.com/home/ideation_article/economic_diversification.4."UN Data: Country Profile”. UN Division of Statistics, United Nations. 2011. http://data.un.org/CountryProfile.aspx5."USGS identifies potential giant oil and gas fields in Israel/Palestine”. EnerGeoPolitics. 2010. http://energeopolitics.com/2010/04/09/usgs-identifies-potential-giant-oil-and-gas-fields-in-israelpalestine/6. "A Summary of Existing and New-Buuild Smelters in the Middle East". Aluminium International Today. January /February 2009. http://www.improvingperformance.com/papers/Primary%20Article%20AIT.pdf.7. "UAE to Diversify Economy - To Reduce Dependence on Oil and Natural Gas Revenues". Oil Gas Articles. 2011. http://www.oilgasarticles.com/articles/416/2/UAE-to-Diversify-Economy---To-Reduce-Dependence-on-oil-and-Natural-Gas-Revenues/Page2.html?PHPSESSID=e10561d4a9d2cf87f64fbdeb2e00f65d.

The statistic shows the government spending in Saudi Arabia from 2010 to 2018. In 2018, Saudi Arabia's government planned spending amounted to 275 billion U.S. dollars.

Saudi Arabian government spending

While Saudi Arabia has existed comfortably on a cushion of oil exports, things have been growing dire recently for the country's economy. Before 2014, the Saudi Arabian government significantly and rapidly increased government spending from 167 billion U.S. dollars in 2010 to 293 billion U.S. dollars. But as crude oil prices dropped drastically between 2014 and 2015, and are remaining low in 2016, Saudi Arabia has been forced to decrease its spending in order to manage a future where steeply increasing national debt is projected. This debt increase is the result of a negative budget balance which has been caused by a decrease in oil and gas prices around the world. Saudi Arabia has chosen to take austerity measures in order to resolve this problem.

These measures, however, will pobably continue to slow economic growth even more so than it is now. But while these spending cuts may not do much to boost the economy, they may be the only option Saudi Arabia has before oil and gas prices rise again. So far, oil and gas prices are expected to remain low, so no immediate relief can be expected, and increasingoil production is unlikely to help either. Saudi Arabia will most likely also attempt to diversify its economy in addition to cutting spending.

Non Oil Exports in Saudi Arabia increased to 20402 SAR Million in December from 18133 SAR Million in November of 2024. This dataset provides - Saudi Arabia Non Oil Exports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Saudi Arabia had an oil production volume of 12 million barrels per day in April 2020. However, the country planned to reduce its production to about eight million barrels per day following the COVID-19 pandemic in May and June of 2020.

Saudi oil industry

Saudi Arabia’s oil industry entails 17 percent of the world’s proven petroleum reserves. Their oil reserves increased from 35 billion metric tons in 1990 to more than 40 billion metric tons in 2019. In 2018, its oil industry accounted for about half of the country’s GDP, at approximately 987 billion Saudi riyal, and about 70 percent of its export income. Saudi Arabia’s oil reserves are the second largest in the world. Furthermore, the country is the world’s leading petroleum exporter. Being close to the Earth’s surface, petroleum in Saudi Arabia is often easier and cheaper to extract than it is in other countries throughout the world. Petroleum is managed and largely handled by Saudi Aramco, which is a state-owned company and one of the most profitable in the world. As of 2019, it was valued at more than 294 billion U.S. dollars.

Saudi economy

The economy of Saudi Arabia has a total worth of 33.5 trillion U.S. dollars, placing it in the leading 20 economies in the world, and the largest economy in the Arab world and the Middle East. Saudi Arabia is the world’s leader in petroleum exportation and contains the second largest petroleum reserve. It also had the fifth largest natural gas reserve of about six trillion cubic meters in 2019. Having those valuable resources in hand, the country is considered an energy superpower. However, its substantial dependence on these valuable natural resources, mostly the oil industry, pressured the government to launch its Saudi Vision 2030. This focuses on diversifying its resources and not being heavily dependent on the oil industry. As a result, in the first quarter of 2019, Saudi Arabia's budget accomplished its first surplus since 2014 of more than 10 billion U.S. dollars. Non-oil revenues accounted for about 38 percent of the country’s revenue in 2019, with the most revenue being from taxes on goods and services in 2020.

According to projections for 2024, the fiscal breakeven oil price for Saudi Arabia was 75.1 U.S. dollars per barrel. The projections for Saudi Arabia's external breakeven oil price for the same period were at 57 U.S. dollars per barrel. Saudi oil industry   Saudi Arabia’s oil industry entails 17 percent of the world’s proven petroleum reserves. Their oil reserves were expected to exceed 40 billion metric tons by 2020. Its oil sector accounted for about half of the country’s GDP in 2018, and about 70 percent of their export income, as their oil reserves are the second largest in the world and they are the world’s leading petroleum exporter. Saudi Arabia has an advantage over other oil-producing countries as the extraction process is cheaper and easier relative to other regions. The petroleum is handled and mostly controlled by Saudi Aramco which is a public company and the most profitable country in the world as of 2019. The highest value petrochemicals project in the country in 2020 was the Amiral Complex: Ethylene & Propylene Plant. Saudi economy Saudi Arabia is the world’s leader in petroleum exportation. They also had the fifth-largest natural gas reserve in 2019. However, their significant reliance on these natural resources compelled the government to launch its Saudi Vision 2030, which aims on expanding their resources. As a result, in the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014 of more than 10 billion U.S. dollars due to the increase of both the oil and non-oil revenues. Public debt witnessed a significant increase in 2020 following the COVID-19 pandemic but was expected to slowly decrease in the following years. Non-oil revenues accounted for about 38 percent of the country’s revenue in 2019 . The largest non-oil contributor to the country’s GDP was government services.

This statistic shows the trade balance of goods of Saudi Arabia from 2013 to 2023. In 2023, Saudi Arabia's trade balance surplus amounted to approximately 113.08 billion years. Saudi Arabia's economic state Saudi Arabia’s positive trade balance dropped during the economic crisis, recovered thereafter, but has faltered somewhat in the past couple of years. This is likely due to a loss in export income associated with falling crude oil prices in the region. This has affected the economy and is expected to increase the country’s national debt. As a major oil producer and exporter, on the one hand Saudi Arabia needs to maintain international relations related to the export of its most precious resource, and on the other hand it needs to preserve stability in the region. For the most part, the country has been able to do so. Due to large oil reserves throughout the region, Saudi Arabia’s most important export partners include China, the United States, Japan, South Korea, India and Singapore. As one of the main oil producers worldwide and ranked among the countries with the largest GDP, Saudi Arabia remains one of the key players in the Muslim and Arab world. It is also home to the birthplace of the Muslim Prophet Mohammed, giving the country a special significance. However, as tension rise with Iran, an uneasy relationship based in religion, politics and history, preserving stability in the region and international relations may become a challenge.

This page displays a table with Saudi Arabia Exports By Category in U.S. dollars, according to the United Nations COMTRADE database on international trade.

In 2023, Saudi Arabia's estimated unemployment rate amounted to approximately 4.01 percent. This decrease is down almost 1 percent from the year before. The unemployment rate is defined as the percentage of unemployed workers in the total labor force. Where are people employed? Saudi Arabia's population is around 33 million inhabitants, and of the employed workforce, most have jobs in the oil and gas industry. This is to be expected, as the economy is based on the production and trade of oil, and as such the oil sector has a value of about 1.1 trillion Saudi riyals. Facing challenges Saudi Arabia has several economic challenges to face, including the environmentally disastrous impact of its oil and natural gas production; state-funded company Saudi Aramco is listed at the top polluter worldwide. Socially, Saudi Arabia has had a tumultuous past in terms of women's rights, where women only gained the right to drive in 2018 thanks to a series of reforms and compose just 18 percent of the labor force.

According to the data provided by the World Tourism Organization (UNWTO), around 2.3 million international travelers visited Saudi Arabia on a package tour in 2020. In total, the number of inbound tourists in Saudi Arabia amounted to approximately five million that year.

Non-religious tourism on the rise The Kingdom of Saudi Arabia has a long-standing history of religious pilgrimages, namely Hajj and Umrah. Hajj is the pilgrimage made annually to Mecca, which is regarded as the holy city in Saudi Arabia. Religious pilgrimages used to be a pillar of the Kingdom’s tourism industry, attracting millions of pilgrims every year. However, since the introduction of e-Visa in September 2019, an electronic visa service that allows multiple entries for short-term visits within one year, the country has been enjoying growth in the leisure and other non-religious tourism segments. The new visa policy, in line with the Kingdom’s Vision 2030 goals to shift its economic focus to non-oil sectors, seems to have yielded positive public responses and bright promises for the Saudi economy.

Tourism in the Saudi Vision 2030 Saudi Vision 2030 lays down the strategic framework for Saudi Arabia’s economic diversification away from its traditional oil-based economy. Tourism in Saudi Arabia remains one crucial driver for the sustainable economic growth of the Kingdom. With an aim to becoming one of leading global tourist destinations by 2030, Saudi Arabia has been investing in several tourism ‘Giga projects’, such as the ambitious arts, entertainment and sports hub project Qiddiya, and numerous other development projects (1308732). By 2030, the Saudi tourism industry is expected to attract a total of 100 million visitors, contributing more than 10 percent to the Kingdom’s gross domestic product.

The statistic shows the 20 countries with the lowest national debt in 2023 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2023, Russia's estimated level of national debt reached about 19.66 percent of the GDP, ranking 17th of the countries with the lowest national debt. National debt and GDP The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it. Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.

Financial inclusion in Saudi Arabia highlights notable gender disparities between men and women. A significant gap of approximately 18 percent exists across most categories, which widens to 22 percent for online bill payments. The smallest disparity is observed in credit card ownership and online/mobile purchases, where rates for both genders are nearly identical. This gap underscores the persistent challenges in attaining economic equality, despite recent initiatives aimed at enhancing women's participation in the workforce and public sphere. Facilitating Financial Access via Public Programs Vision 2030 is a cornerstone initiative that Saudi Arabia has undertaken to transform its economy. In addition to diversifying economic sectors and reducing dependence on oil, the project emphasizes investments in tourism, entertainment, healthcare, and technology. A key component of Vision 2030 is enhancing the economic participation of women in the country to 30 percent by the end of the decade—a target achieved eight years ahead of schedule. By the end of 2024, women in the country owned 45 percent of small and medium-sized enterprises (SMEs). Progress in women's economic participation: challenges remain The private sector has taken significant steps to support working mothers, particularly in areas like childcare where government efforts remain insufficient. Initiatives such as the Qurrah Program provide approximately 213 U.S. dollars per month for each child, while the Wusool Program assists working mothers with transportation expenses. Considerable progress has been made, and women are even given preference in certain employment sectors, although the gender equality index in the labor force still heavily favors men. Women continue to face many barriers such as cultural and social norms, workplace inequality, and other factors that are not necessarily gender-specific. In certain sectors, such as healthcare and education, it is more socially acceptable to see women, and thus their presence is more prevalent.

Global oil production amounted to 96.4 million barrels per day in 2023. The level of oil production reached an all-time high in 2023. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in 2020. Rising production and consumption Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. Production by region and country While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.

This statistic shows Iran's export of goods from 2013 to 2023. In 2023, Iran exported goods approximately worth 97.36 billion U.S. dollars. Iran's export struggle The Iranian economy was not spared from the global economic crisis in 2009, but Iranian exports seemed to recover from the global economic recession in 2011 at first. However, export figures dropped thereafter because of sanctions imposed by the United States and the European Union (EU) due to supposed Iran nuclear activities. This new round of sanctions spurred negative growth in 2012 and 2013 and growth dropped during the same period by around 200 billion U.S. dollars. While Iran has one of the largest oil reserves globally, daily oil production has decreased significantly since the first sanctions from the United States were put in place back in 1978. Because of a history of sanctions from Europe and the United States, neither region is among Iran’s most important export partners. While Iran had been hoping to emerge from sanctions this year, hoping to overcome international isolation and recovering lost revenue, recent tensions between Saudi Arabia and Iran may cripple their progress. Saudi Arabia would prefer the sanctions against Iran remain, since relations between the two countries have gotten worse. Additionally, where Saudi Arabia is a stronger ally to the west concerning Syria, Iran leans the other way. This situation could leave Iran once again struggling to overcome its isolation from the west.

Saudi Arabia was among the top Middle Eastern countries with the most international tourist arrivals, receiving above 27.4 million arrivals in 2023. The Middle East is witnessing a robust recovery in tourist arrivals, indicating a positive trend following the impact of the COVID-19 outbreak and the subsequent travel restrictions. MENA tourism types Tourism in the Middle East and North Africa (MENA) region grew by about ten percent in 2018, reaching approximately six percent of the world’s tourist arrivals. Tourism is a major pillar of the economy, especially with the efforts to diversify from the oil-based economies in the region. The UAE was the most competitive travel and tourism destination in the MENA region in 2018 according to the Travel and Tourism Competitiveness Index at a score of 4.4 points out of seve. There is a wide variety of types of tourism offered in the MENA region. The region has a variety of natural, cultural, heritage, and religious assets. The region is home to ancient monuments and archaeological sites which were named in UNESCO’s World Heritage List. The MENA region possesses a unique cultural landscape that consists of Arab architecture and a mix of British, French, Ottoman, and Spanish influences from its historical colonial legacy. The region also has a favorable sunny climate with access to different seas, cruises, shopping venues, and man-made attractions. The leading country in the region in 2015 in wellness tourism was Morocco with about 2.5 million visitors. MENA tourism trends The leading travel company according to tourists in the MENA region was booking.com. The emirate of Dubai in the United Arab Emirates (UAE) was leading in the MENA region in terms of the value of international tourist receipts which exceeded 21 billion U.S. dollars in 2018. The projected tourism arrival in the Gulf Cooperation Council region was estimated to exceed 64.3 million tourists in 2020. The contribution of travel and tourism to the MENA job market was expected to increase from about 5.7 million jobs in 2018 to exceed 7.2 million jobs in 2028.

Qatar has the highest per capita energy consumption worldwide. In 2023, residents in Qatar used an average of 225 megawatt-hours worth of energy - all of which was derived from fossil fuels. Sources of primary energy In 2023, oil and coal were the main fuels used for primary energy worldwide. Except for the Nordic countries and Canada, all other countries listed among the leading 10 consumers sourced energy almost exclusively from fossil fuels. Many of them are also responsible for large oil production shares or the refining thereof. Differences in energy consumption There is a notable disparity between the highest and lowest energy users. Resource-rich countries outside the temperate climate zone tend to use more energy to heat or cool homes and are also more likely to use greater amounts of energy as costs are much lower. For example, electricity prices in oil and gas-producing countries such as Qatar and Saudi Arabia are only a fraction of those of resource-poor countries in Europe. Furthermore, energy consumption disparity is a strong indicator of the different income levels around the world and largely tied to economic prosperity.

This statistic shows Iran's main import partners in 2022, sorted by their share in total imports. In 2022, Iran's main import partner was the China with a share of 28 percent in all imports. Iran's struggling economy Iran’s main import partners in descending order of importance include the United Arab Emirates, China, Algeria, India, South Korea and Turkey. Together the United Arab Emirates and China compose over 50 percent of all imports. No European countries or the United States are close trade partners with Iran for neither imports nor exports. Iran has been isolated from the west with sanctions due to concerns over the country's role in the manufacture of weapons of mass destruction for decades. In 2011, further sanctions on Iran from the United States and Europe were agreed upon, which negatively affected Iran’s economy. This also had an effect on the value of totalimports into the country which also dropped slightly around the same period. This is likely due to the fact that Iran’s GDP per capita also reduced significantly thereafter, limiting the country’s capacity to import goods. Compared to the GDP per capita of Saudi Arabia, Iran’s is significantly lower. Aside from the Saudi Arabian oil trade, one difference could be attributed to the fact that Saudi Arabia, in contrast to Iran, has developed strong international ties and trades freely with Europe and the United States, whereas Iran remains isolated for the time being.