Economic Environment In 2024, Saudi Arabia’s economy remains strong, with non-oil growth projected at 3.5%, while oil GDP declines 4.6% due to production cuts. The labor market continues to expand, with over one million jobs added in 2023, bringing unemployment down to 7.7%. Inflation has ...
Oil was discovered in 1936, and commercial production began during World War II. This oil-derived wealth allowed the country to provide free health care and education while not collecting any taxes from its people. Saudi Arabia was neutral until nearly the end of the war, but it was permitted...
Production World oil production Oil Production in the Middle East Saudi Arabia's oil production in per day Saudi Aramco finance Fiscal breakeven oil prices in Saudi Arabia Contribution of oil to real gross domestic product growth in Saudi Arabia Value of net profit of Saudi Aramco Furth...
for instance, located in the northwestern part of Saudi Arabia, features interesting archaeological sites and a unique desert landscape. In the north-central region of the country lies Ha'il, known for its agricultural contributions and rich cultural ...
2. Kingdom of oil: Saudi Arabia exerts its global energy dominance Saudi Arabia holds 17% of the world’s oil reserves, ranks second globally in petroleum production behind the United States, and is the largest exporter of crude oil (2024 U.S. Energy Information Administration). The Kingdom...
Its oil region lies primarily in the eastern province along the Persian Gulf. Government Saudi Arabia was an absolute monarchy until 1992, at which time the Saud royal family introduced the country's first constitution. The legal system is based on the sharia (Islamic law). History Saudi ...
Saudi Arabia rejected as “not based on facts” criticism of anOPEC+ decision last weekto cut its oil production target despite U.S. objections, and said on Oct. 13 that Washington’s request to delay the cut by a month would have had negative economic consequences. ...
Saudi Arabia is an oil-rich, traditional Arab and Islamic society in the Middle East. The desert kingdom is conservative and there are many hurdles for liberal people. The culture dictates a modest dress code and there is a ban on alcohol. It is also an import based, consumerist and conse...
Since then, Saudi Arabia has become the world’s second-largest oil producer and the world’s largest oil exporter. Saudi Arabia takes control of the world’s second-largest oil reserves and the sixth-largest gas reserves. Because of the kingdom’s oil business, it has been categorized as ...
In the 25 years since its founding, the McKinsey Global Institute (MGI) has sought to develop a deeper understanding of the evolving global economy. As the business and economics research arm of McKinsey & Company, MGI aims to provide leaders in the commercial, public, and social sectors with...