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World > Middle East > Saudi Arabia > Economy (Facts)

Saudi Arabia - Economy (Facts)
Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It 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 5.5 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors. The government is encouraging private sector growth to lessen the kingdom's dependence on oil and to increase employment opportunities for the swelling Saudi population. The government is promoting private sector and foreign participation in the power generation, telecom, natural gas, and petrochemical industries. As part of its effort to attract foreign investment and diversify the economy, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. With high oil revenues enabling the government to post large budget surpluses, Riyadh has substantially boosted spending on job training and education, infrastructure development, and government salaries. The government has announced plans to establish six 'economic cities' in different regions of the country to promote development and diversification.
GDP - real growth rate: 2.4% (2006 est.)
GDP (purchasing power parity): $366.2 billion (2006 est.)
GDP (official exchange rate): $276.9 billion (2006 est.)
GDP - per capita (PPP): $13,600 (2006 est.)
GDP - composition by sector: agriculture: 3.3%
industry: 67%
services: 29.8% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 1.9% (2006 est.)
Labor force: 7.125 million
note: more than 35% of the population in the 15-64 age group is non-national (2006 est.)
Labor force - by occupation: agriculture: 12%
industry: 25%
services: 63% (1999 est.)
Unemployment rate: 13% among Saudi males only (local bank estimate; some estimates range as high as 25%) (2004 est.)
Budget: revenues: $189.2 billion
expenditures: $107.6 billion; including capital expenditures of NA (2006 est.)
Industries: crude oil production, petroleum refining, basic petrochemicals; ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics; metals, commercial ship repair, commercial aircraft repair, construction
Industrial production growth rate: 1.9% (2006 est.)
Electricity - production: 155.2 billion kWh (2004)
Electricity - consumption: 144.4 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 9.475 million bbl/day (2005 est.)
Oil - consumption: 1.845 million bbl/day (2004)
Oil - exports: 8.554 million bbl/day (2004)
Oil - imports: 0 bbl/day (2004)
Oil - proved reserves: 261.9 billion bbl (1 January 2005 est.)
Natural gas - production: 65.68 billion cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
Exports: $204.5 billion f.o.b. (2006 est.)
Exports - commodities: petroleum and petroleum products 90%
Exports - partners: Japan 17.6%, US 15.8%, South Korea 9.6%, China 7.2%, Singapore 4.4%, Taiwan 4.4% (2006)
Imports: $64.16 billion f.o.b. (2006 est.)
Imports - commodities: machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
Imports - partners: US 12.2%, Germany 8.5%, China 7.9%, Japan 7.2%, UK 4.8%, Italy 4.8% (2006)
Debt - external: $47.39 billion (2006 est.)
Currency: Saudi Riyal (SAR)
Currency code: SAR
Exchange rates: Saudi riyals per US dollar - 3.745 (2006), 3.747 (2005), 3.75 (2004), 3.75 (2003), 3.75 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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