Saudi Arabia is among the twenty most important industrial and emerging countries (G-20), and it is the largest member of the OPEC countries, the Organization of the Petroleum Exporting Countries: With 36.62 billion tons, Saudi Arabia possesses the largest conventional oil reserves worldwide and is the leading oil producing country worldwide. Saudi Arabia has the 19th largest gross domestic product, with projected GDP growth and a consequently increasing GDP per capita. Since Saudi Arabia's economy depends mainly on oil, its GDP figures tend to follow OPEC crude prices. The latest unemployment figures indicate a stable unemployment rate of approximately 5 to 6 percent since 2009.
Thanks to its oil exports, Saudi Arabia has been reporting a significant trade surplus over the past years, which has slumped suddenly since 2015 . Its main trade partners are Japan, China and the South Korea with regards to exports, and China, the United States and the United Arab Emirates for imports.
Over the last decade, Saudi Arabia was able to reduce its national debt considerably, placing it among the countries with the lowest national debt. However, due to the drop in oil prices, its budget balance has been negative for the past few years, increasing its debt stock..