Middle East > Saudi Arabia > Economy

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Agriculture > products wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
Big Mac Index	$2.40		[29th of 65]
Debt > External	$58,600,000,000.00		[43rd of 136]
Economic freedom	2.05		[70th of 156]
Economy > Overview Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses more than 20% 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. High oil prices have boosted growth, government revenues, and Saudi ownership of foreign assets, while enabling Riyadh to pay down domestic debt. The government is encouraging private sector growth - especially in power generation, telecommunications, natural gas exploration, and petrochemicals - to lessen the kingdom's dependence on oil exports and to increase employment opportunities for the swelling Saudi population, nearly 40% of which are youths under 15 years old. Unemployment is high, and the large youth population generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, infrastructure development, and government salaries. 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. The government has announced plans to establish six "economic cities" in different regions of the country to promote development and diversification.
Exchange rates Saudi riyals per US dollar - 3.745 (2004), 3.745 (2003), 3.745 (2002), 3.745 (2001), 3.745 (2000)
Exports	$226,700,000,000.00		[18th of 189]
Exports to US	$4,691,300,000.00		[14th of 224]
GDP	$309,778,500,000.00		[21st of 203]
GDP (purchasing power parity)	$546,000,000,000.00		[23rd of 187]
GDP > PPP	$325,513,000,000.00		[26th of 163]
GDP > Real growth rate	3.5%		[136th of 198]
GDP growth > annual %	6.56 annual %		[40th of 187]
GDP per capita, PPP > current international $	15,711.42 PPP $		[38th of 169]
Gross National Income	$181,000,000,000.00		[21st of 172]
Human Development Index	0.772		[75th of 178]
Income category	Upper middle income
Inflation rate (consumer prices)	4.1%		[112nd of 192]
Public debt	24.3 % of GDP		[82nd of 121]
Tourist arrivals	3,594,000		[29th of 152]

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