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| Economy overview | This is an oil-based economy with strong government controls over major economic activities. Saudi Arabia has the largest reserves of petroleum in the world (25% of the proved 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 - $287.8 billion (2004 est.) |
| GDP - real growth rate | 5.3% (2004 est.) |
| GDP - per capita | purchasing power parity - $11,800 (2004 est.) |
| GDP - composition by sector |
agriculture: 4.7% industry: 58.8% services: 36.5% (2004 est.) |
| Investment gross fixed | 18% of GDP (2004 est.) |
| Population below poverty line | NA |
| Household income or consumption by percentage share |
lowest 10%: na highest 10%: na |
| Distribution of family income - Gini index | |
| Inflation rate consumer prices | 0.5% (2004 est.) |
| Labor force | 6.43 million note: more than 35% of the population in the 15-64 age group is non-national (2004 est.) |
| Labor force by occupation | agriculture 12%, industry 25%, services 63% (1999 est.) |
| Unemployment rate | 25% (2004 est.) |
| Budget |
revenues: $78.77 billion expenditures: $66.76 billion, including capital expenditures of na (2004 est.) |
| Public debt | 94.6% of GDP (2004 est.) |
| Agriculture products | wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk |
| Industries | crude oil production, petroleum refining, basic petrochemicals, cement, construction, fertilizer, plastics |
| Industrial production growth rate | 7.7% (2004 est.) |
| Electricity production | 122.4 billion kWh (2001) |
| Electricity production by source |
fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0% |
| Electricity consumption | 113.8 billion kWh (2001) |
| Electricity exports | 0 kWh (2001) |
| Electricity imports | 0 kWh (2001) |
| Oil production | 8.711 million bbl/day (2004 est.) |
| Oil consumption | 1.452 million bbl/day (2001 est.) |
| Oil exports | 7.92 million bbl/day (2003) |
| Oil imports | 0 bbl/day (2003) |
| Oil proved reserves | 261.7 billion bbl (2004) |
| Natural gas production | 53.69 billion cu m (2001 est.) |
| Natural gas consumption | 53.69 billion cu m (2001 est.) |
| Natural gas exports | 0 cu m (2001 est.) |
| Natural gas imports | 0 cu m (2001 est.) |
| Natural gas proved reserves | 6.339 trillion cu m (2004) |
| Current account balance | $22.27 billion (2004 est.) |
| Exports | $86.53 billion f.o.b. (2004 est.) |
| Exports commodities | petroleum and petroleum products 90% |
| Exports partners | US 20.6%, Japan 15.4%, South Korea 9.8%, China 5.5%, Taiwan 4.5%, Singapore 4.1% (2003) |
| Imports | $30.38 billion f.o.b. (2003 est.) |
| Imports commodities | machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles |
| Imports partners | US 9.4%, Japan 7.7%, Germany 7.3%, UK 6.2%, China 4.4%, France 4.1% (2003) |
| Reserves of foreign exchange gold | $22.86 billion (2004 est.) |
| Debt external | $39.16 billion (2004 est.) |
| Economic aid recipient | |
| Currency | Saudi riyal (SAR) |
| Currency code | SAR |
| Exchange rates | Saudi riyals per US dollar - 3.745 (2003), 3.745 (2002), 3.745 (2001), 3.745 (2000), 3.745 (1999) |
| Fiscal year | calendar year |
Introduction and Background to Saudi Arabia | Geography Of Saudi Arabia | People Of Saudi Arabia | Government Of Saudi Arabia | Communications Of Saudi Arabia | Transportation Of Saudi Arabia | Military Of Saudi Arabia | Transnational Issues Of Saudi Arabia
Saudi Flag Map Of Saudi Arabia
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