The data displays the inflation rate in Saudi Arabia from 2012 to 2016, with projections up until 2022. In 2016, the average inflation rate amounted to 2.03% 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.
