Saudi Arabia Economy:
This is an oil-based economy with strong government controls over major economic activities. Saudi Arabia possesses 25% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 75% of budget revenues, 45% of GDP, and 90% of export earnings. About 40% of GDP comes from the private sector. Roughly five and a half million foreign workers play an important role in the Saudi economy, for example, in the oil and service sectors. The government in 1999 announced plans to begin privatizing the electricity companies, which follows the ongoing privatization of the telecommunications company. The government is encouraging private sector growth to lessen the kingdom's dependence on oil and increase employment opportunities for the swelling Saudi population. Priorities for government spending in the short term include additional funds for education and for the water and sewage systems. Economic reforms proceed cautiously because of deep-rooted political and social conservatism.
GDP (purchasing power parity):
$310.2 billion (2004 est.)
GDP — real growth rate:
5% (2004 est.)
GDP — per capita:
purchasing power parity: $12,000 (2004 est.)
GDP — composition by sector:
agriculture: 4.2%
industry: 67.2%
services: 28.6%
(2004)
Labor force:
6.62 million (2004 est.)
note: More than 35% of the population in the 15-64 age group is non-national
Labor force — by occupation:
agriculture: 12%, industry: 25%, services: 63% (1999 est.)
Unemployment rate:
(unofficial estimate): 25% (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
0.8% (2004 est.)
Investment (gross fixed):
17.2% of GDP (2004 est.)
Budget:
revenues: $104.8 billion
expenditures: $78.66 billion (2004 est.)
Public debt:
75% of GDP (2004 est.)
Agriculture — products:
Wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
Industries:
crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, construction, fertilizer, plastics, commercial ship repair, commercial aircraft repair
Industrial production growth rate:
2.8% (2004 est.)
Electricity — production:
138.2 billion kWh (2002 est.)
Electricity — consumption:
128.5 billion kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
9.02 million bbl/day (2004 est.)
Oil — consumption:
1.55 million bbl/day (2003 est.)
Oil — exports:
7.92 (2003 est.)
Oil — imports:
0 (2003 est.)
Oil — proved reserves:
261.7 billion bbl (2004 est.)
Natural gas — production:
56.4 billion cu m (2002 est.)
Natural gas — consumption:
56.4 billion cu m (2002 est.)
Natural gas — exports:
0 cu m (2002 est.)
natural gas — imports:
0 cu m (2002 est.)
Natural gas — proved reserves:
6.34 trillion cu m (2004 est.)
Current account balance:
$51.5 billion (2004 est.)
Exports:
$113 billion (f.o.b. 2004 est.)
Exports — commodities:
petroleum and petroleum products 90%
Exports — partners:
US 18.2%, Japan 14.9%, South Korea 9.5%, China 6.1%, Taiwan 4.5%, Singapore 4.1%, (2004)
Imports:
$36.21 billion (f.o.b. 2001 est.)
Imports — commodities:
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
Imports — partners:
US 15.3%, Japan 9.8%, Germany 8.1%, China 6.6%, UK 5.7% (2001)
Reserves of foreign exchange and gold:
$23.62 billion (2004 est.)
Debt — external:
$34.35 billion (2004 est.)
economic aid — donor:
pledged $100 million in 1993 to fund reconstruction of Lebanon; since 2000, Saudi Arabia has committed $307 million for assistance to the Palestinians; pledged $240 million to development in Afghanistan; pledged $1 billion in export guarantees and soft loans to Iraq
Currency:
Saudi riyal (SAR)
Exchange rates:
Saudi riyals per US$: 3.75 (2004 est.), 3.75 (2003 est.), 3.75 (2002 est.), 3.75 (2001 est.), 3.75 (2000 est.)
Fiscal year:
1 March - 28 February
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