Overview: By far the most important economic activity is the production of petroleum and petroleum products. The petroleum sector accounts for about 85% of budget revenues, 80% of GDP, and almost all export earnings. Saudi Arabia has the largest reserves of petroleum in the world, is the largest exporter of petroleum, and plays a leading role in OPEC. Oil wealth has provided a per capita GNP that is comparable to most industrialized countries. Saudi Arabia is one of the few countries where consumer prices have been dropping in recent years.

GNP: $74 billion, per capita $5,480; real growth rate 5.2% (1988)

Inflation rate (consumer prices): - 1.0% (1987)

Unemployment rate: 0% (1987)

Budget: revenues $24.0 billion; expenditures $37.9 billion, including capital expenditures of NA (1988 est.)

Exports: $24.7 billion (f.o.b., 1988); @m5commodities--petroleum and petroleum products 89%; @m5partners--Japan 26%, US 26%, France 6%, Bahrain 6%

Imports: $18.5 billion (f.o.b., 1988); @m5commodities--manufactured goods, transportation equipment, construction materials, processed food products; @m5partners--US 20%, Japan 18%, UK 16%, Italy 11%

External debt: $15.7 billion (December 1988)

Industrial production: growth rate 6.1% (1980-86 ave.)

Electricity: 24,429,000 kW capacity; 53,497 million kWh produced, 3,460 kWh per capita (1988)

Industries: crude oil production, petroleum refining, basic petrochemicals, cement, small steel-rolling mill, construction, fertilizer, plastic

Agriculture: dates, grains, livestock; not self-sufficient in food except wheat

Aid: NA

Currency: Saudi riyal (plural--riyals); 1 Saudi riyal (SR) = 100 halalas

Exchange rates: Saudi riyals (SR) per US$1--3.7450 (fixed rate since late 1986), 3.7033 (1986), 3.6221 (1985)

Fiscal year: calendar year

NOTE: The information regarding Saudi Arabia on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 1989 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 1989 should be addressed to the CIA.