Overview: By far the most important economic activity is the production of petroleum and petroleum products. The petroleum sector accounts for about 85% of budget revenues, 80% of GDP, and almost all export earnings. Saudi Arabia has the largest reserves of petroleum in the world, is the largest exporter of petroleum, and plays a leading role in OPEC. Oil wealth has provided a per capita GDP that is comparable to most industrialized countries. Saudi Arabia is one of the few countries where consumer prices have been dropping or showing little change in recent years.

GDP: $73 billion, per capita $4,720; real growth rate 3.2% (1988)

Inflation rate (consumer prices): 1.5% (1989 est.)

Unemployment rate: 0% (1989 est.)

Budget: revenues $31.5 billion; expenditures $38.1 billion, including capital expenditures of $NA (1990)

Exports: $24.5 billion (f.o.b., 1989 est.); commodities--petroleum and petroleum products 89%; partners--Japan 26%, US 26%, France 6%, Bahrain 6%

Imports: $21.8 billion (f.o.b., 1989 est.); commodities--manufactured goods, transportation equipment, construction materials, processed food products; partners--US 20%, Japan 18%, UK 16%, Italy 11%

External debt: $18.9 billion (December 1989 est.)

Industrial production: growth rate 6.1% (1980-86)

Electricity: 25,066,000 kW capacity; 50,000 million kWh produced, 3,100 kWh per capita (1989)

Industries: crude oil production, petroleum refining, basic petrochemicals, cement, small steel-rolling mill, construction, fertilizer, plastic

Agriculture: accounts for about 10% of GDP, 16% of labor force; fastest growing economic sector; subsidized by government; products--wheat, barley, tomatoes, melons, dates, citrus fruit, mutton, chickens, eggs, milk; approaching self-sufficiency in food

Aid: donor--pledged $64.7 billion in bilateral aid (1979-89)

Currency: Saudi riyal (plural--riyals); 1 Saudi riyal (SR) = 100 halalas

Exchange rates: Saudi riyals (SR) per US$1--3.7450 (fixed rate since late 1986), 3.7033 (1986), 3.6221 (1985)

Fiscal year: calendar year

NOTE: The information regarding Saudi Arabia on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 1990 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 1990 should be addressed to the CIA.