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15 staggering facts about Saudi Arabia

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Saudi Arabia has been front and center over the past few months as oil prices plunged in late 2014 and then saw a mild recovery in 2015.

But it's worth taking a step back and looking at its unique economy as a whole and what that might mean for its future.

"The oil boom of the past decade has transformed Saudi Arabia into a major global economy with a young population and large wealth that offer great potential," writes HSBC economist Razan Nasser, "but with lower oil prices, the Kingdom's structural challenges are ever more pressing."

We've taken a closer look at some of the numbers behind Saudi Arabia young, oil-driven economy.

The Kingdom's Ghawar oil field has enough reserves to fill 4,770,897 Olympic swimming pools.

The Kingdom's oil reserves are huge.

Saudi Arabia's Ghawar field is the largest in the world. It has an estimated 75 billion barrels of oil left.

An Olympic-size swimming pool can hold 660,253.09 gallons of liquid.

Source: US Energy Information Administration



Saudi Arabia's petroleum sector makes up 45% of GDP, which makes it bigger than the total GDPs of Iraq, Morocco, Rwanda, and Tonga combined.

Saudi Arabia's petroleum sector is 45% of the country's total GDP — which puts it at around $335,372 billion.

Iraq's GDP is $222.879 billion, Morocco's GDP is $104.4 billion, Rwanda's GDP is $7.451 billion, and Tonga's GDP is $466 million.

Source: CIA Factbook, HSBC



Saudi Arabia's population is slightly bigger than Texas's, but Texas's GDP is nearly 2 times as large.

Saudi Arabia's population around 28.8 million in 2013, which is slightly above to that of Texas' 26.5 million. However, Saudi Arabia's GDP in 2013 was around $750 billion, while Texas' was approximately twice that amount at $1.4 trillion.

Plus, Saudi Arabia has the 19th largest GDP — but if Texas were its own country, it would have the 13th largest GDP (just below Australia and right above Spain).

Overall, this suggests that Texas is more productive than Saudi Arabia.

Source: Business InsiderWorld Bank



See the rest of the story at Business Insider

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