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ECONOMY
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Economy
- Overview:
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This
is a well-to-do oil-based economy with strong government controls
over major economic activities. Saudi Arabia has the largest reserves
of petroleum in the world (26% of the proved total), ranks as
the largest exporter of petroleum, and plays a leading role in
OPEC. The petroleum sector accounts for roughly 75% of budget
revenues, 40% of GDP, and 90% of export earnings. About 35% of
GDP comes from the private sector. Roughly 4 million foreign workers
play an important role in the Saudi economy, for example, in the
oil and service sectors. The Saudi economy was severely hit by
the large decline in world oil prices in 1998. GDP fell by nearly
11%; the budget deficit rose to $12.3 billion; and the current
account recorded a $13 billion deficitthe first in three years.
The government announced plans to implement large spending cuts
in 1999 because of weak oil prices and will continue to call on
greater private sector involvement in the economy. Shortages of
water and rapid population growth will constrain government efforts
to increase self-sufficiency in agricultural products. |
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GDP:
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purchasing
power parity$186 billion (1998 est.) |
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GDP
- Real Growth Rate:
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-10.8%
(1998 est.) |
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GDP
- Per Capita:
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purchasing
power parity$9,000 (1998 est.) |
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CGP
- Composition by Sector:
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agriculture:
6%
industry: 53%
services: 41% (1996) |
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Population
Below Poverty Level:
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32%
(1997 est.) |
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Household
Income or Consumption by Percentage Share:
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lowest
10%: NA%
highest 10%: NA% |
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Inflation
Rate :
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-0.2%
(1998 est.) |
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Labor
Force :
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7
million
note: 35% of the population in the 15-64 age group is
non-national (July 1998 est.) |
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Labor
Force - by Occupation:
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government
40%, industry, construction, and oil 25%, services 30%, agriculture
5% |
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Unemployment
Rate:
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NA% |
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Budget:
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revenues:
$32.3 billion
expenditures: $44 billion, including capital expenditures
of $NA (1999 budget est.) |
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Industries:
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crude
oil production, petroleum refining, basic petrochemicals, cement,
two small steel-rolling mills, construction, fertilizer, plastics
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Industrial
Production Growth Rate:
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1%
(1997 est.) |
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Electricity
- Production:
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fossil
fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996) |
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Electricity
- Production by Source:
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95
billion kWh (1996) |
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Electricity
- Consumption:
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32.2
billion kWh (1996) |
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Electricity
- Exports:
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0
kWh (1996) |
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Electricity
- Imports:
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0
kWh (1996) |
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Agriculture
- Products:
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wheat,
barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs,
milk |
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Exports:
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$59.7
billion (f.o.b., 1997) |
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Exports
- Commodities:
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petroleum
and petroleum products 90% |
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Exports
- Partners:
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Japan
18%, US 15%, South Korea 11%, Singapore 8%, India 4% (1997 est.) |
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Imports:
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$26.2
billion (f.o.b., 1997) |
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Imports
-Commodities:
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machinery and equipment, foodstuffs, chemicals, motor vehicles,
textiles |
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Imports
- Partners:
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US
23%, UK 17%, Japan 8%, Germany 8%, Italy 5% (1997 est.) |
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Debt
- External:
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$NA
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Economic
Aid - Recipient:
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pledged
$100 million in 1993 to fund reconstruction of Lebanon; since
1993, Saudi Arabia has committed $208 million for assistance to
the Palestinians |
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Currency:
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1
Saudi riyal (SR) = 100 halalah |
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Exchange
Rates :
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Saudi
riyals (SR) per US$13.7450 (fixed rate since June 1986) |
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Fiscal
Year :
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calendar
year |
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