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    Saudi Arabia Economy - 2002

      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 (26% 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 25% 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. Riyadh expects to have a budget deficit in 2002, in part because of increased spending for education and other social programs. The government in 1999 announced plans to begin privatizing the electricity companies, which follows the ongoing privatization of the telecommunications company. The government is expected to continue calling for private sector growth to lessen the kingdom's dependence on oil and increase employment opportunities for the swelling Saudi population. Shortages of water and rapid population growth will constrain government efforts to increase self-sufficiency in agricultural products.

      GDP purchasing power parity - $241 billion (2001 est.)

      GDP - real growth rate 1.6% (2001 est.)

      GDP - per capita purchasing power parity - $10,600 (2001 est.)

      GDP - composition by sector
      agriculture: 7%
      industry: 48%
      services: 45% (2000 est.)

      Population below poverty line NA%

      Household income or consumption by percentage share
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices) 1.7% (2001)

      Labor force 7 million
      note: 35% of the population in the 15-64 age group is non-national (July 1998 est.)

      Labor force - by occupation agriculture 12%, industry 25%, services 63% (1999 est.)

      Unemployment rate NA%

      revenues: $42 billion
      expenditures: $54 billion, including capital expenditures of $NA (2002 est.)

      Industries crude oil production, petroleum refining, basic petrochemicals, cement, construction, fertilizer, plastics

      Industrial production growth rate 1% (1997 est.)

      Electricity - production 123.5 billion kWh (2000)

      Electricity - production by source
      fossil fuel: 100%
      hydro: 0%
      other: 0% (2000)
      nuclear: 0%

      Electricity - consumption 114.855 billion kWh (2000)

      Electricity - exports 0 kWh (2000)

      Electricity - imports 0 kWh (2000)

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

      Exports $66.9 billion (f.o.b., 2001)

      Exports - commodities petroleum and petroleum products 90%

      Exports - partners US 17.4%, Japan 17.3%, South Korea 11.7%, Singapore 5.3%, India (2000)

      Imports $29.7 billion (f.o.b., 2001)

      Imports - commodities machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles

      Imports - partners US 21.1%, Japan 9.4%, Germany 7.4%, UK 7.3% (2000)

      Debt - external $23.8 billion (2001 est.)

      Economic aid - donor pledged $100 million in 1993 to fund reconstruction of Lebanon; since 1993, Saudi Arabia has committed $208 million for assistance to the Palestinians; pledged $240 million to development in Afghanistan

      Currency Saudi riyal (SAR)

      Currency code SAR

      Exchange rates Saudi riyals per US dollar - 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 2002 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
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