Saudi Arabia Oil production Saudi Arabia Electricity production

Saudi Arabia Economy

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 five and a half million foreign workers play an important role in the saudi economy. for example. 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 this year acceded to the wto 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) : $340.5 billion (2005 est.)

Inflation rate: 0.6% (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.)

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

Saudi Arabia

			Over view
			Geography
			People
			Government
			Economy
			Communications
			Transportation
			Militry

Saudi Arabia More Facts

Electricity - production: 145.1 billion kwh (2003)

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

Saudi Arabia More Facts

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

Imports : $44.93 billion f.o.b. (2005 est.)
Currency (code) : saudi riyal (sar)