US diplomatic representation: chief of mission: Ambassador Raymond E. MABUS, Jr. embassy: Collector Road M, Diplomatic Quarter, Riyadh mailing address: American Embassy-Riyadh, Unit 61307, APO AE 09803-1307; International Mail: P. O. Box 94309, Riyadh 11693 telephone: [966] (1) 488-3800 FAX: [966] (1) 488-7360 consulate(s) general: Dhahran, Jiddah (Jeddah)
Flag: green with large white Arabic script (that may be translated as There is no God but God; Muhammad is the Messenger of God) above a white horizontal saber (the tip points to the hoist side); green is the traditional color of Islam
Economy ———-
Economic overview: This is a well-to-do oil-based economy with strong government controls over major economic activities. About 40% 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 90% of 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 over 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 1996, the country looks to its policies of maintaining moderate fiscal reforms, restraining public spending, and encouraging non-oil exports.
GDP: purchasing power parity - $189.3 billion (1995 est.)
GDP real growth rate: 0% (1995 est.)
GDP per capita: $10,100 (1995 est.)
GDP composition by sector: agriculture: 9% industry: 50% services: 41% (1994 est.)
Inflation rate (consumer prices): 5% (1995 est.)
Labor force: 6 million-7 million by occupation: government 40%, industry, construction, and oil 25%, services 30%, agriculture 5%