Economy (Saudi Arabia)
======================


     Overview:
         The petroleum sector accounts for roughly 70% of budget revenues, 37% of
         GDP, and almost all export earnings. Saudi Arabia has the largest reserves
         of petroleum in the world, ranks as the largest exporter of petroleum, and
         plays a leading role in OPEC. For the 1990s the government intends to
         encourage private economic activity and to foster the gradual process of
         turning Saudi Arabia into a modern industrial state that retains traditional
         Islamic values.
     GDP:
         exchange rate conversion - $104 billion, per capita $5,800; real growth rate
         1.5% (1991 est.)
     Inflation rate (consumer prices):
         3% (1991 est.)
     Unemployment rate:
         0% (1989 est.)
     Budget:
         revenues $40.3 billion; expenditures $48.3 billion, including capital
         expenditures of $NA (1992)
     Exports:
         $44.3 billion (f.o.b., 1990)
       commodities:
         petroleum and petroleum products 85%
       partners:
         US 22%, Japan 22%, Singapore 7%, France 6%
     Imports:
         $21.5 billion (f.o.b., 1990)
       commodities:
         manufactured goods, transportation equipment, construction materials,
         processed food products
       partners:
         US 16%, UK 14%, Japan 14%, FRG 7%
     External debt:
         $18.9 billion (December 1989 est.)
     Industrial production:
         growth rate -1.1% (1989 est.); accounts for 37% of GDP, including petroleum
     Electricity:
         30,000,000 kW capacity; 60,000 million kWh produced, 3,300 kWh per capita
         (1991)
     Industries:
         crude oil production, petroleum refining, basic petrochemicals, cement,
         small steel-rolling mill, construction, fertilizer, plastic
     Agriculture:
         accounts for about 10% of GDP, 16% of labor force; fastest growing economic
         sector; subsidized by government; products - wheat, barley, tomatoes,
         melons, dates, citrus fruit, mutton, chickens, eggs, milk; approaching
         self-sufficiency in food
     Economic aid:
         donor - pledged $64.7 billion in bilateral aid (1979-89)
     Currency:
         Saudi riyal (plural - riyals); 1 Saudi riyal (SR) = 100 halalas
     Exchange rates:
         Saudi riyals (SR) per US$1 - 3.7450 (fixed rate since late 1986), 3.7033
         (1986)
     Fiscal year:
         calendar year