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 reserves), ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 75% of budget revenues, 45% of GDP, and 90% of export earnings. About 25% 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. Riyadh expects to have a budget deficit in 2002, in part because of increased spending for education and other social programs. 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 - $241 billion (2001 est.)
GDP - real growth rate: 1.6% (2001 est.)
GDP - per capita: purchasing power parity - $10,600 (2001 est.)
GDP - composition by sector: agriculture: 7% industry: 48% services: 45% (2000 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): 1.7% (2001)
Labor force: 7 million note: 35% of the population in the 15-64 age group is non-national (July 1998 est.)
Labor force - by occupation: agriculture 12%, industry 25%, services 63% (1999 est.)