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: (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: (1) 488-3800 FAX: (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 an 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. Saudi Arabia was a key player in the successful efforts of OPEC and other oil producing countries to raise the price of oil in 1999 to its highest level since the Gulf War by reducing production. Although oil prices are expected to remain relatively high in 2000, Riyadh expects to have a $7.5 billion budget deficit in part because of increased spending for education and other social problems. The government in 1999 announced plans to begin privatizing the electricity companies, which follows the ongoing privatization of the telecommunications company. The government is expected to continue calling for private sector growth to lessen the kingdom's dependence on oil and increase employment opportunities for the swelling Saudi population. Shortages of water and rapid population growth will constrain government efforts to increase self-sufficiency in agricultural products.
GDP: purchasing power parity - $191 billion (1999 est.)
GDP - real growth rate: 1.6% (1999 est.)
GDP - per capita: purchasing power parity - $9,000 (1999 est.)
GDP - composition by sector: agriculture: 6% industry: 47% services: 47% (1998 est.)
Population below poverty line: NA%