Basic Country Facts

Economy Economic overview: This is a well-to-do oil-based economy with strong government controls over major economic activities. About 40% of GDP comes from the private sector. Economic (as well as political) ties with the US are especially strong. The petroleum sector accounts for roughly 75% of budget revenues, 35% of GDP, and 90% of export earnings. 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. For the 1990s the government intends to bring its budget, which has been in deficit since 1983, back into balance, and to encourage private economic activity. Roughly four million foreign workers play an important role in the Saudi economy, for example, in the oil and banking sectors. For over a decade, Saudi Arabia's domestic and international outlays have outstripped its income, and the government has cut its foreign assistance and is beginning to rein in domestic programs. For 1996, the country looks to its policies of maintaining moderate fiscal reforms, restraining public spending, and encouraging non-oil exports. GDP: purchasing power parity - $189.3 billion (1995 est.) GDP real growth rate: 0% (1995 est.) GDP per capita: $10,100 (1995 est.) GDP composition by sector: agriculture: 9% industry: 50% services: 41% (1994 est.) Inflation rate (consumer prices): 5% (1995 est.) Labor force: 6 million-7 million by occupation: government 40%, industry, construction, and oil 25%, services 30%, agriculture 5% Unemployment rate: 6.5% (1992 est.) Budget: revenues: $35.1 billion expenditures: $40 billion, including capital expenditures of $NA (1996 est.) Industries: crude oil production, petroleum refining, basic petrochemicals, cement, two small steel-rolling mills, construction, fertilizer, plastics Industrial production growth rate: 17% (1994 est.) Electricity: capacity: 17,550,000 kW production: 46 billion kWh consumption per capita: 2,430 kWh (1993) Agriculture: wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk Illicit drugs: death penalty for traffickers; increasing consumption of heroin and cocaine Exports: $41.7 billion (f.o.b., 1994 est.) commodities: petroleum and petroleum products 90% partners: US 17%, Japan 17%, South Korea 8%, Singapore 7%, France 5% (1994) Imports: $21.3 billion (f.o.b., 1994 est.) commodities: machinery and equipment, chemicals, foodstuffs, motor vehicles, textiles partners: US 21%, Japan 12%, UK 8%, Germany 8%, Italy 5% (1994) External debt: $18.9 billion (December 1989 est., includes short-term trade credits) Economic aid: donor: pledged $100 million in 1993 to fund reconstruction of Lebanon Currency: 1 Saudi riyal (SR) = 100 halalah Exchange rates: Saudi riyals (SR) per US$1 - 3.7450 (fixed rate since late 1986) Fiscal year: calendar year