and revenues on oil exporting countries. This is particularly the case for Saudi Arabia, whose role as the world’s largest exporter of crude oil and as a member of the G-20 is not matched by the attention given to the impact of the government’s oil revenue receipts on the Saudi non-oil private sector economy. Saudi Arabia possesses around 18 per cent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum. The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings. The government of Saudi Arabia estimated that 42 percent of its non-oil revenue for 2019 to generate from taxation on goods and services.

Saudi Arabia's GDP is 85% reliant on the oil sector, especially after 2003 when crude oil prices and exports increased heavily. Smaller industries such as light  Jan 1, 2016 Even as Saudi Arabia's oil revenues were declining precipitously towards the end of 2014, Saudi Arabia was increasing its military spending to  May 10, 2016 Saudi Arabia comes third, after Kuwait and Libya, with roughly 45% GDP depending on oil. Countries that are most dependent on oil to fuel  Mar 23, 2017 As of 2016, Saudi Arabia's budget deficit was 13.5 percent of GDP, and oil still accounted for almost 90 percent of government revenues. [11] The  Saudi Arabia: Revenue minus production cost of oil, percent of GDP: For that indicator, The World Bank provides data for Saudi Arabia from 1970 to 2017. The average value for Saudi Arabia during that period was 40.12 percent with a minimum of 19.43 percent in 2016 and a maximum of 88.87 percent in 1979. Saudi oil reserves are the second largest in the world, and Saudi Arabia is the world's leading oil exporter and second largest producer. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels (41 km 3 ), which is about one-quarter of world oil reserves. Saudi energy minister Khalid al Falih also said that the audit determined that Aramco, Saudi Arabia's national oil company, has the lowest cost of production of any oil company, at about $4 per

Saudi Arabia: Revenue minus production cost of oil, percent of GDP: For that indicator, The World Bank provides data for Saudi Arabia from 1970 to 2017. The average value for Saudi Arabia during that period was 40.12 percent with a minimum of 19.43 percent in 2016 and a maximum of 88.87 percent in 1979.

Dec 10, 2019 Highlights. Saudi Arabia forecasting 2020 expenditure to dip 2.6%. Oil revenue projected to drop 14.8%. Growth seen at 0.4% in 2019, to reach  Dec 9, 2019 Crude oil production cuts implemented by OPEC, largely at the behest of Saudi Arabia, will weigh on 2020 revenues, which are expected to fall  The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the  Dec 9, 2019 Oil revenue is expected to fall to 513 billion riyals in 2020, from an estimated 602 billion riyals in 2019, the budget document says. Real GDP 

Beginning in 1950, the Saudi Arabian government began a pattern of trying to increase government shares of revenue from oil production. In 1950, a fifty-fifty profit-sharing agreement was signed, whereby a tax was levied by the government. This tax considerably increased government revenues.

Saudi Arabia: Revenue minus production cost of oil, percent of GDP: For that indicator, The World Bank provides data for Saudi Arabia from 1970 to 2017. The average value for Saudi Arabia during that period was 40.12 percent with a minimum of 19.43 percent in 2016 and a maximum of 88.87 percent in 1979. Saudi oil reserves are the second largest in the world, and Saudi Arabia is the world's leading oil exporter and second largest producer. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels (41 km 3 ), which is about one-quarter of world oil reserves. Saudi energy minister Khalid al Falih also said that the audit determined that Aramco, Saudi Arabia's national oil company, has the lowest cost of production of any oil company, at about $4 per

Authorities expect oil production to increase from an average of 10 million barrels a day this year to 11.03 million barrels in 2023. For 2020, they predict output of 10.45 million barrels a day, generating 605 billion riyals in revenue, the people said.

The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the  Dec 9, 2019 Oil revenue is expected to fall to 513 billion riyals in 2020, from an estimated 602 billion riyals in 2019, the budget document says. Real GDP  Mar 8, 2020 Saudi Arabia slashed its export oil prices over the weekend in what is oil output to compensate for the lost revenue caused by lower prices.

Mar 8, 2020 Saudi Arabia slashed its export oil prices over the weekend in what is oil output to compensate for the lost revenue caused by lower prices.

Apr 16, 2019 2018 2019 2020 2021 2022 2023 Avg. KSA Real GDP growth. • Global Megatrends indicate towards rapid urbanization. & growth of global. Dec 19, 2018 But it is the growth of non-oil revenues that stands out in Saudi Arabia's 2019 budget announcement. In 2014, non-oil earnings worth $33.9bn (  Vision 2030 sets out a sweeping reform plan designed to reduce Saudi Arabia's dependence on oil . The ambitious plan sets out economic and societal goals for   Dec 9, 2019 A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Saudi Arabia anticipates $222 billion in revenue next year, down  Dec 10, 2019 Declines were seen only in oil revenue, whilst non-oil revenue rose by 9 percent. Download pdf · Saudi Arabia's 2020 Preliminary Budget 

Saudi Arabia is shown to be concerned to maintain oil revenues to finance its ' 2030 vision' to diversify its economy. Russia, by comparison, shows no such  Jul 15, 2019 Saudi Arabia has an oil-based economy with petroleum accounting for approximately 87 percent of budget revenues, 42 percent of GDP, and