Inflation in Saudi Arabia since 2014

Inflation rate in Saudi Arabia from 2014 to 2024 (compared to previous year)

by H. Plecher, last edited May 14, 2019
Inflation in Saudi Arabia since 2014 The statistic shows the inflation rate in Saudi Arabia from 2014 to 2018, with projections up until 2024. In 2018, the average inflation rate amounted to 2.48 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.
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Inflation rate in Saudi Arabia from 2014 to 2024 (compared to previous year)

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