Numerous indications point to the steady growth of the Saudi economy, thereby further strengthening the global position of the kingdom's gross domestic product (GDP). These factors include relatively high oil prices, solid oil output, and strong spending.
To be sure, nominal or market prices of Saudi Arabia's GDP amounted to $577 billion (Dh2 trillion) in 2011, or number 20 worldwide. This is an exceptional achievement by virtue of placing Saudi GDP ahead of several European economies including those of Sweden, Poland, Belgium, Norway and Austria, to name a few.
Undisputedly, Saudi Arabia's GDP is the largest in the Arab world. This partly explains the fact that the kingdom is the sole Arab country in the G20, in turn comprising the largest economies in the world.
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