Saudi Arabia's economy is booming, unemployment is at a record low, the output gap is closed, inflation is contained, and fiscal and external buffers have been rebuilt. The continuation of Vision 2030 reforms has helped advance the country's economic diversification agenda, including through...

Saudi Arabia is the world’s largest oil exporter and has employed its spare capacity to help stabilize the global oil market, providing important support to the global economy. The associated increase in oil revenues has resulted in sharply higher fiscal and current account surpluses and...

This chapter reviews developments in GDP over the past several decades. The analysis shows that accumulation of labor and capital explains the bulk of overall output growth since 1990, with changes in total factor productivity playing only a minor role. Moreover, while increases in total factor...

KEY ISSUES Context. Saudi Arabia's economy has grown very strongly in recent years, benefitting from high oil prices and output, strong private sector activity, and government spending. It has played a systemic and stabilizing role in the global oil market. The economy has not been affected by...