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. 1996 Index
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Saudi Arabia Economy 1996
This is a well-to-do oil-based economy with strong government controls over
major economic activities. About 46% of GDP comes from the private sector.
Economic (as well as political) ties with the US are especially strong. The
petroleum sector accounts for roughly 75% of budget revenues, 35% of GDP,
and almost all export earnings. Saudi Arabia has the largest reserves of
petroleum in 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 to bring its budget, which has been in deficit since
1983, back into balance, and to encourage private economic activity. Roughly
four million foreign workers play an important role in the Saudi economy,
for example, in the oil and banking sectors. For about a decade, Saudi
Arabia's domestic and international outlays have outstripped its income, and
the government has cut its foreign assistance and is beginning to rein in
domestic programs. For 1995, the country looks for improvement in oil prices
and will continue its policies of restraining public spending and
encouraging non-oil exports.
GDP - purchasing power parity - $173.1 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$50 billion, including capital expenditures of $7.5 billion (1993 est.)
$39.4 billion (f.o.b., 1993 est.)
petroleum and petroleum products 92%
US 20%, Japan 18%, Singapore 5%, France 5%, South Korea 5% (1992)
$28.9 billion (f.o.b., 1993 est.)
machinery and equipment, chemicals, foodstuffs, motor vehicles, textiles
US 21%, Japan 14%, UK 11%, Germany 8%, Italy 6%, France 5% (1992)
$18.9 billion (December 1989 est., includes short-term trade credits)
growth rate 20% (1991 est.); accounts for 35% of GDP, including petroleum
crude oil production, petroleum refining, basic petrochemicals, cement, two
small steel-rolling mills, construction, fertilizer, plastics
accounts for about 10% of GDP, 16% of labor force; subsidized by government;
products - wheat, barley, tomatoes, melons, dates, citrus fruit, mutton,
chickens, eggs, milk; approaching self-sufficiency in food
death penalty for traffickers; increasing consumption of heroin and cocaine
pledged bilateral aid (1979-89), $64.7 billion; pledged $100 million in 1993
to fund reconstruction of Lebanon
1 Saudi riyal (SR) = 100 halalah
Saudi riyals (SR) per US$1 - 3.7450 (fixed rate since late 1986), 3.7033
(1986)
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