Economy - overview:
This is an oil-based economy with strong government controls over
major economic activities. Saudi Arabia possesses 25% of the world's
proven petroleum 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 40% of GDP comes from the private sector.
Roughly five and a half million foreign workers play an important
role in the Saudi economy, for example, in the oil and service
sectors. The government in 1999 announced plans to begin privatizing
the electricity companies, which follows the ongoing privatization
of the telecommunications company. The government is encouraging
private sector growth to lessen the kingdom's dependence on oil and
increase employment opportunities for the swelling Saudi population.
Priorities for government spending in the short term include
additional funds for education and for the water and sewage systems.
Economic reforms proceed cautiously because of deep-rooted political
and social conservatism.
GDP (purchasing power parity):
$310.2 billion (2004 est.)
GDP - real growth rate:
5% (2004 est.)
GDP - per capita:
purchasing power parity - $12,000 (2004 est.)
GDP - composition by sector:
agriculture: 4.2%
industry: 67.2%
services: 28.6% (2004 est.)
Labor force:
6.62 million
note: more than 35% of the population in the 15-64 age group is
non-national (2004 est.)
Labor force - by occupation:
agriculture 12%, industry 25%, services 63% (1999 est.)
Unemployment rate:
25% (unofficial estimate) (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA