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Saudi Arabia Economy 2009
https://geographic.org/wfb2009/saudi_arabia/saudi_arabia_economy.html
SOURCE: 2009 CIA WORLD FACTBOOK

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Saudi Arabia Economy 2009
SOURCE: 2009 CIA WORLD FACTBOOK


Economy - overview:
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses more than 20% 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 80% of budget revenues, 45% of GDP, and 90% of export earnings. About 40% of GDP comes from the private sector. Roughly 6.4 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors. High oil prices through mid-2008 have boosted growth, government revenues, and Saudi ownership of foreign assets, while enabling Riyadh to pay down domestic debt. The government is encouraging private sector growth - especially in power generation, telecommunications, natural gas exploration, and petrochemicals - to lessen the kingdom's dependence on oil exports and to increase employment opportunities for the swelling Saudi population, nearly 40% of which are youths under 15 years old. Unemployment is high, and the large youth population generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, infrastructure development, and government salaries. As part of its effort to attract foreign investment and diversify the economy, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has announced plans to establish six "economic cities" in different regions of the country to promote development and diversification. The last five years of high oil prices have given the Kingdom ample financial reserves to manage the impact of the global financial crisis, but tight international credit, falling oil prices, and the global economic slowdown will reduce Saudi economic growth in 2009.

GDP (purchasing power parity):
$582.8 billion (2008 est.)
$553.5 billion (2007)
$535.3 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$467.7 billion (2008 est.)

GDP - real growth rate:
4.2% (2008 est.)
3.4% (2007 est.)
3.2% (2006 est.)

GDP - per capita (PPP):
$20,700 (2008 est.)
$20,100 (2007 est.)
$19,800 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 3.1%
industry: 61.6%
services: 35.4% (2008 est.)

Labor force:
6.74 million
note: about one-third of the population in the 15-64 age group is non-national (2008 est.)

Labor force - by occupation:
agriculture: 6.7%
industry: 21.4%
services: 71.9% (2005 est.)

Unemployment rate:
8.8% among Saudi males only (local bank estimate; some estimates range as high as 25%) (2008 est.)

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

Investment (gross fixed):
19.5% of GDP (2008 est.)

Budget:
revenues: $293 billion
expenditures: $136 billion (2008 est.)

Public debt:
13.5% of GDP (2008 est.)

Inflation rate (consumer prices):
10.3% (2008 est.)

Central bank discount rate:
2.5% (31 December 2008)

Commercial bank prime lending rate:
NA

Stock of money:
$113.2 billion (31 December 2008)

Stock of quasi money:
$134.3 billion (31 December 2008)

Stock of domestic credit:
$66.94 billion (31 December 2007)

Market value of publicly traded shares:
$246.4 billion (31 December 2008)

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:
4.5% (2008 est.)

Electricity - production:
179.1 billion kWh (2007 est.)

Electricity - consumption:
156.8 billion kWh (2006 est.)

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
9.2 million bbl/day (2008 est.)

Oil - consumption:
1 million bbl/day (2008 est.)

Oil - exports:
8.2 million bbl/day (2007 est.)

Oil - imports:
41,680 bbl/day (2005)

Oil - proved reserves:
266.8 billion bbl (1 January 2008 est.)

Natural gas - production:
75.9 billion cu m (2007 est.)

Natural gas - consumption:
75.9 billion cu m (2007 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
7.167 trillion cu m (1 January 2008 est.)

Current account balance:
$151 billion (2008 est.)

Exports:
$311.1 billion f.o.b. (2008 est.)

Exports - commodities:
petroleum and petroleum products 90%

Exports - partners:
US 17.1%, Japan 16.3%, South Korea 9.7%, China 8.1%, Taiwan 4.7%, Singapore 4% (2007)

Imports:
$92.4 billion f.o.b. (2008 est.)

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

Imports - partners:
US 12.6%, China 9.4%, Germany 8.8%, Japan 8.1%, Italy 5%, South Korea 4.9%, UK 4.5% (2007)

Reserves of foreign exchange and gold:
$28.5 billion (31 December 2008 est.)

Debt - external:
$63.2 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Exchange rates:
Saudi riyals (SAR) per US dollar - 3.75 (2008 est.), 3.745 (2007), 3.745 (2006), 3.747 (2005), 3.75 (2004)


NOTE: The information regarding Saudi Arabia on this page is re-published from the 2009 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saudi Arabia Economy 2009 information contained here. All suggestions for corrections of any errors about Saudi Arabia Economy 2009 should be addressed to the CIA.






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