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    Saudi Arabia Index 2006

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    Saudi Arabia Economy - 2006
    https://theodora.com/wfbcurrent/saudi_arabia/saudi_arabia_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      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 5.5 million foreign workers play an important role in the Saudi economy, particularly, in the oil and service sectors. The government is encouraging private sector growth to lessen the kingdom's dependence on oil and increase employment opportunities for the swelling Saudi population. The government has begun to permit private sector and foreign investor participation in the power generation and telecom sectors. As part of its effort to attract foreign investment and diversify the economy, Saudi Arabia acceded to the WTO in 2005 after many years of negotiations. With high oil revenues enabling the government to post large budget surpluses, Riyadh has been able to substantially boost spending on job training and education, infrastructure development, and government salaries.

      GDP (purchasing power parity):
      $340.6 billion (2005 est.)

      GDP (official exchange rate):
      $273.9 billion (2005 est.)

      GDP - real growth rate:
      6.5% (2005 est.)

      GDP - per capita (PPP):
      $12,900 (2005 est.)

      GDP - composition by sector:
      agriculture: 3.3%
      industry: 74.7%
      services: 21.9% (2005 est.)

      Labor force:
      6.76 million
      note: more than 35% of the population in the 15-64 age group is non-national (2005 est.)

      Labor force - by occupation:
      agriculture: 12%
      industry: 25%
      services: 63% (1999 est.)

      Unemployment rate:
      13% male only (local bank estimate; some estimates range as high as 25%) (2004 est.)

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      0.4% (2005 est.)

      Investment (gross fixed):
      16.3% of GDP (2005 est.)

      Budget:
      revenues: $143.7 billion
      expenditures: $89.65 billion; including capital expenditures of $NA (2005 est.)

      Public debt:
      41% of GDP (2005 est.)

      Agriculture - products:
      wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk

      Industries:
      crude oil production, petroleum refining, basic petrochemicals; ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics; metals, commercial ship repair, commercial aircraft repair, construction

      Industrial production growth rate:
      2.8% (2005 est.)

      Electricity - production:
      145.1 billion kWh (2003)

      Electricity - consumption:
      134.9 billion kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      9.475 million bbl/day (2005 est.)

      Oil - consumption:
      1.775 million bbl/day (2003)

      Oil - exports:
      7.92 million bbl/day (2003)

      Oil - imports:
      0 bbl/day (2003)

      Oil - proved reserves:
      262.7 billion bbl (2005 est.)

      Natural gas - production:
      60.06 billion cu m (2003 est.)

      Natural gas - consumption:
      60.06 billion cu m (2003 est.)

      Natural gas - exports:
      0 cu m (2002)

      Natural gas - imports:
      0 cu m (2002)

      Natural gas - proved reserves:
      6.544 trillion cu m (2005)

      Current account balance:
      $87.1 billion (2005 est.)

      Exports:
      $165 billion f.o.b. (2005 est.)

      Exports - commodities:
      petroleum and petroleum products 90%

      Exports - partners:
      US 18.2%, Japan 14.9%, South Korea 9.5%, China 6.1%, Taiwan 4.5%, Singapore 4.1% (2004)

      Imports:
      $44.93 billion f.o.b. (2005 est.)

      Imports - commodities:
      machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles

      Imports - partners:
      US 15.3%, Japan 9.8%, Germany 8.1%, China 6.6%, UK 5.7% (2004)

      Reserves of foreign exchange and gold:
      $30.55 billion (2005 est.)

      Debt - external:
      $34.55 billion (2005 est.)

      Economic aid - donor:
      pledged $100 million in 1993 to fund reconstruction of Lebanon; since 2000, Saudi Arabia has committed $307 million for assistance to the Palestinians; pledged $230 million to development in Afghanistan; pledged $1 billion in export guarantees and soft loans to Iraq; pledged $133 million in direct grant aid, $187 million in concessional loans, and $153 million in export credits for Pakistan earthquake relief

      Currency (code):
      Saudi riyal (SAR)

      Exchange rates:
      Saudi riyals per US dollar - 3.747 (2005), 3.75 (2004), 3.75 (2003), 3.75 (2002), 3.75 (2001)

      Fiscal year:
      1 March - 28 February


      NOTE: The information regarding Saudi Arabia on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 2006 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/saudi_arabia/saudi_arabia_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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