International organization participation: ABEDA, AfDB, AFESD, AL, AMF,
BIS (pending member), CCC, ESCWA, FAO, G-19, G-77, GCC, IAEA, IBRD,
ICAO, ICC, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Inmarsat,
Intelsat, Interpol, IOC, ISO, ITU, NAM, OAPEC, OAS (observer), OIC,
OPEC, UN, UNCTAD, UNESCO, UNIDO, UPU, WFTU, WHO, WIPO, WMO, WTrO
(applicant)
Diplomatic representation in the US: chief of mission: Ambassador BANDAR bin Sultan bin Abd al-Aziz Al Saud chancery: 601 New Hampshire Avenue NW, Washington, DC 20037 telephone: [1] (202) 342-3800 consulate(s) general: Houston, Los Angeles, and New York
Diplomatic representation from the US: chief of mission: Ambassador Wyche FOWLER, 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 description: 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
@Saudi Arabia:Economy
Economy-overview: This is a well-to-do oil-based economy with strong government controls over major economic activities. About 35% 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 4 million foreign workers play an important role in the Saudi economy, for example, in the oil and service sectors. Helped by production above its OPEC quota, Saudi Arabia continued to bring its finances closer into balance in 1997, recording a $1.6 billion budget deficit and a $200 million current account surplus. For 1998, the country looks to its policies of maintaining moderate fiscal reforms, restraining public spending, and encouraging nonoil exports. Shortages of water and rapid population growth will constrain government efforts to increase self-sufficiency in agricultural products.
GDP: purchasing power parity-$206.5 billion (1997 est.)
GDP-real growth rate: 4% (1997 est.)
GDP-per capita: purchasing power parity-$10,300 (1997 est.)
GDP-composition by sector: agriculture: 6% industry: 46% services: 48% (1996)