pt (that may be
translated as There is no God but God; Muhammad is the Messenger of
God) above a white horizontal saber (the tip points to the hoist
side); green is the traditional color of Islam

Saudi Arabia Economy

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, 40% of GDP, and 90% of export earnings. About
35% of GDP comes from the private sector. Roughly 5 million foreign
workers play an important role in the Saudi economy, for example, in
the oil and service sectors. Saudi Arabia was a key player in the
successful efforts of OPEC and other oil producing countries to
raise the price of oil in 1999-2000 to its highest level since the
Gulf war by reducing production. Riyadh expects to have a moderate
budget deficit in 2001, 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 - $232 billion (2000 est.)

GDP - real growth rate: 4% (2000 est.)

GDP - per capita: purchasing power parity - $10,500 (2000 est.)

GDP - composition by sector: agriculture: 6%

industry: 47%

services: 47% (1998 est.)

Population below poverty line: NA%

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

highest 10%: NA%

Inflation rate (consumer prices): 0.5% (2000)

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.)

Unemployment rate: NA%

Budget: revenues: $66 billion

expenditures: $66 billion, including capital expenditures of $NA
(2000 est.)

Industries: crude oil production, petroleum refining, basic
pet