Saudi Arabia has an oil-based economy with powerful government control over major economic activities. Free Enterprise is Saudi Arabia's economic system. Saudi Arabia possesses 25 percent of the world's proven petroleum reserves, plays a leading role in OPEC, and ranks as the largest exporter of petroleum. Saudi Arabia's economy is a centrally planned economy. Private enterprises do exist, however, they are regulated by the Saudi government. The petroleum sector accounts for about 45 percent of all the budget revenues, 55 percent of the GDP, and also 90 percent of the export earnings.
Saudi Arabia has a mixed economy. Even though most of Saudi Arabia is desert and dry, the country has rich oil reserves that allow the Saudi People and government to buy most of the goods they cannot produce themselves. The Saudi King and his advisers make most of the decisions about how and where to use all of the oil profits. Overall, Saudi Arabia's economy depends mostly on oil, its main export. Oil accounts for well over half of Saudi Arabia's economy and the oil funds the countries education, defense, health, transportation, and housing. Also, Saudi Arabia has commercial manufacturing and financial industries. The oil industry has made the Saudi royal family(ies) very wealthy. Saudi now encourages the development of industries other than oil in order to hopefully make their economy stronger and more powerful.
Obviously Saudi Arabia has huge oil refineries. The top five products exported by Saudi Arabia are Crude Petroleum (81%), Refined Petroleum (4.8%), Ethylene Polymers (2.4%), Acyclic Alcohols (2.3%), and Petroleum Gasoline (2.1%). Also, the top five export destinations of Saudi Arabia are Other parts of Asia (32%), North and Central America (8.5%), Japan (7.2%), China (7.1%), and other parts of Europe (7.1%).
The currency of Saudi Arabia's money is Saudi Arabian Riyal. The most popular Saudi Arabia Riyal exchange is the INR to SAR rate. The currency code for Riyals is SAR, and the currency symbol is ﷼. Saudi Arabia is a rather wealthy country country due to all of their oil refineries and the way they spend and save their money.
Exchange Rate of Saudi Arabian Riyal to U.S Dollar: 1 Saudi Riyal=0.27 U.S. Dollar
Exchange Rate of Saudi Arabian Riyal to U.S Dollar- comparing cost of pizza in U.S: 45.01 Saudi Riyals=$12.00 U.S Dollar
Exchange Rate of Saudi Arabian Riyal to U.S Dollar- comparing cost of hotel room for one night in U.S: 450.06 Saudi Riyals=$120.00 U.S. Dollar