Economy - overview This is a well-to-do oil-based economy with strong government controlsover major economic activities. About 40% of GDP comes from the private sector.Economic (as well as political) ties with the US are especially strong. Thepetroleum sector accounts for roughly 75% of budget revenues, 35% of GDP,and 90% of export earnings. Saudi Arabia has the largest reserves of petroleumin 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 tobring its budget, which has been in deficit since 1983, back into balance,and to encourage private economic activity. Roughly four million foreign workersplay an important role in the Saudi economy, for example, in the oil and servicesectors. For over a decade, Saudi Arabia's domestic and international outlayshave outstripped its income, and the government has cut its foreign assistanceand is beginning to rein in domestic programs. A substantial rise in oil priceswas the key to a successful 1996. For 1997, the country looks to its policiesof maintaining moderate fiscal reforms, restraining public spending, and encouragingnon-oil exports.

GDP purchasing power parity - $205.6 billion (1996 est.)

GDP - real growth rate 6% (1996 est.)

GDP - per capita purchasing power parity - $10,600 (1996 est.)

GDP - composition by sector
agriculture : 9%
industry: 50%
services: 41% (1994 est.)

Inflation rate - consumer price index 1% (1996 est.)

Labor force 6 million-7 million
by occupation: government 40%, industry, construction, and oil 25%, services 30%, agriculture5%
note: 35.87% of the population in the 15-64 age group is non-national (July1997 est.)

Unemployment rate 6.5% (1992 est.)

Budget
revenues : $43.7 billion
expenditures: $48.3 billion, including capital expenditures of $NA (1997 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 20.9 million kW (1994)

Electricity - production 62.75 billion kWh (1994)

Electricity - consumption per capita 3,228 kWh (1995 est.)

Agriculture - products wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs,milk

Exports
total value: $53.1 billion (f.o.b., 1996 est.)
commodities: petroleum and petroleum products 90%
partners: Japan 18%, US 15%, South Korea 10%, Singapore 7%, France 4% (1995 est.)

Imports
total value : $25.5 billion (f.o.b., 1996 est.)
commodities: machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
partners: US 21%, UK 9%, Germany 8%, Japan 8%, Switzerland 5%, France 5% (1995est.)

Debt - external $NA

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 June 1986)

Fiscal year calendar year

NOTE: The information regarding Saudi Arabia on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 1997 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 1997 should be addressed to the CIA.