Inflation in Saudi Arabia since 1984

The statistic shows the inflation rate in Saudi Arabia from 1984 to 2019, with projections up until 2021. In 2019, the average inflation rate amounted to -1.21 percent compared to the previous year.

Oil production in Saudi Arabia

Saudi Arabia’s economy relies heavily on production and export of oil and petroleum. A look at the distribution of global oil reserves by country shows that only Venezuela possesses a higher share in global oil reserves than the Arab state.

All in all, Saudi Arabia’s economy is doing quite well. The oil reserves in Saudi Arabia have increased over the last two decades, and the same can be said for the country’s gross domestic product. The unemployment rate has been stable, while the trade balance has shown a steady upwards trend with a significant jump in 2011. Accordingly, Saudi Arabia’s national debt in relation to gross domestic product has been decreasing dramatically over the last ten years.

Saudi Arabia is also among the countries with the highest oil consumption worldwide; a ranking of the share of the major consuming countries in global oil consumption, which is led by the United States (which consume almost one fifth of global oil), places Saudi Arabia sixth, behind the US, Russia, and China.

Being one of the leading oil producing countries, Saudi Arabia is also a member of OPEC (Organization of the Petroleum Exporting Countries), an association whose primary goal is regulating crude oil prices worldwide and coordinating the oil production and trade of the member countries. According to OPEC, the average price for crude oil has been rising since the 1960s.

Inflation rate in Saudi Arabia from 1984 to 2021

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Source

Release date

April 2020

Region

Saudi Arabia

Survey time period

1984 to 2019

Supplementary notes

According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021.

*Estimates.

Figures have been rounded.

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Statistics on "Saudi Arabia"

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