Saudi Arabia Gdp 2018

The country has the second largest proven petroleum reserves and is the largest exporter.

Saudi arabia gdp 2018. The human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index disaggregated by gender. The gross domestic product gdp in saudi arabia was worth 792 97 billion us dollars in 2019 according to official data from the world bank and projections from trading economics. With a total worth of us 33 2 trillion saudi arabia has the second most valuable natural resources in the world. Saudi arabia s economy expanded at the fastest pace in three years in the fourth quarter of 2018 on the back of increased oil supply.

The kingdom continued to ramp up oil production in q4 hitting the highest output ever at 10 75 million barrels per day mbpd. This page provides saudi arabia gdp growth rate actual. Gdp growth rate in saudi arabia averaged 0 89 percent from 2010 until 2019 reaching an all time high of 8 40 percent in the fourth quarter of 2010 and a record low of 2 percent in the first quarter of 2017. World bank national accounts data and oecd national accounts data files.

In 2018 the gdp generated by the. The economy contracted for the third consecutive quarter in q1 and at the sharpest pace since december 2017 as a significant slowdown in the non oil sector and ongoing oil production cuts weighed on activity. The gdp value of saudi arabia represents 0 66 percent of the world economy. First the imf reported that it expects saudi arabia s real gdp growth to increase to 1 9 in 2018.

Saudi arabia s economic outlook april 2018. The saudi arabian economy is projected to expand again in 2018 with a 1 8 increase in gdp mainly due to a moderate recovery in oil production levels vis à vis last year s sharp cuts and marginally higher public spending. Gdp expanded 3 6 year on year in q4 following the 2 4 rise in q3. Hci and gdp per capita ppp log scale horizontal axis productivity relative to benchmark of complete education and full health.

Gdp in saudi arabia averaged 254 32 usd billion from 1968 until 2019 reaching an all time high of 792 97 usd billion in 2019 and a record. Saudi arabia is part of the g20 group of countries. The economy of saudi arabia is one of the top twenty economies in the world and the largest economy in the arab world and the middle east. Even better the imf sees non oil sectors of the saudi economy growing by 2 3 which is.

This statistic shows the gross domestic product gdp in saudi arabia at current prices in saudi riyals for the construction sector from 2011 to 2018. However as the negative short term effects of structural reforms dissipates and government balances improve it is projected. This caused the oil and gas sector to expand.