Mail: P. O. Box 94309, Riyadh 11693
telephone: [966] (1) 488-3800
FAX: [966] (1) 488-7360
consulate(s) general: Dhahran, Jiddah (Jeddah)

Flag description:

green, a traditional color in Islamic flags, with the Shahada or
Muslim creed in large white Arabic script (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); design dates to
the early twentieth century and is closely associated with the Al
Saud family which established the kingdom in 1932

Economy
Saudi Arabia

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 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. High oil prices 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.

GDP (purchasing power parity):

$546 billion (2007 est.)

GDP (official exchange rate):

$376 billion (2007 est.)

GDP - real growth rate:

3.5% (2007 est.)

GDP - per capita (PPP):

$19,800 (2007 est.)

GDP - composition by sector:

agriculture: 3%
industry: 6