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 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
Economy
Economy—overview: This is a well-to-do oil-based economy with strong government controls over major economic activities. 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. The petroleum sector accounts for roughly 75% of budget revenues, 40% of GDP, and 90% of export earnings. About 35% of GDP comes from the private sector. Roughly 4 million foreign workers play an important role in the Saudi economy, for example, in the oil and service sectors. The Saudi economy was severely hit by the large decline in world oil prices in 1998. GDP fell by nearly 11%; the budget deficit rose to $12.3 billion; and the current account recorded a $13 billion deficit—the first in three years. The government announced plans to implement large spending cuts in 1999 because of weak oil prices and will continue to call on greater private sector involvement in the economy. Shortages of water and rapid population growth will constrain government efforts to increase self-sufficiency in agricultural products.
GDP: purchasing power parity—$186 billion (1998 est.)
GDP—real growth rate: -10.8% (1998 est.)
GDP—per capita: purchasing power parity?$9,000 (1998 est.)
GDP—composition by sector: agriculture: 6% industry: 53% services: 41% (1996)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%