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Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 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. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Roughly 5.5 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has begun establishing six "economic cities" in different regions of the country to promote economic development. Five years of high oil prices during 2004-08 gave 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 reduced Saudi economic growth in 2009, prompting the postponement of some economic development projects. Saudi authorities supported the banking sector during the crisis by making direct capital injections into banks, reducing rates, and publicly affirming the government's guarantee of bank deposits.
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$592.3 billion (2009 est.)
country comparison to the world: 23
$591.7 billion (2008 est.)
$567.3 billion (2007 est.)
note:
data are in 2009 US dollars
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$369.7 billion (2009 est.)
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0.1% (2009 est.)
country comparison to the world: 113
4.3% (2008 est.)
2% (2007 est.)
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$20,600 (2009 est.)
country comparison to the world: 61
$21,000 (2008 est.)
$20,600 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 3%
industry:
59.1%
services:
37.9% (2009 est.)
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6.922 million
country comparison to the world: 62
note:
about 80% of the labor force is non-national (2009 est.)
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agriculture: 6.7%
industry:
21.4%
services:
71.9% (2005 est.)
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11.7% (2009 est.)
country comparison to the world: 127
12% (2008 est.)
note:
data are for Saudi males only (local bank estimates; some estimates range as high as 25%)
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NA%
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lowest 10%: NA%
highest 10%:
NA%
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25.5% of GDP (2009 est.)
country comparison to the world: 43
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revenues: $134.7 billion
expenditures:
$146.7 billion (2009 est.)
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22.9% of GDP (2009 est.)
country comparison to the world: 99
18.7% of GDP (2008 est.)
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5.1% (2009 est.)
country comparison to the world: 144
9.9% (2008 est.)
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2.5% (31 December 2008)
NA% (31 December 2007)
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NA%
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$113.6 billion (31 December 2008)
country comparison to the world: 17
$102.4 billion (31 December 2007)
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$136.4 billion (31 December 2008)
country comparison to the world: 21
$109.5 billion (31 December 2007)
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$NA (31 December 2008)
$66.94 billion (31 December 2007)
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$318.7 billion (31 December 2009)
country comparison to the world: 24
$246.3 billion (31 December 2008)
$515.1 billion (31 December 2007)
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wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk
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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
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-3% (2009 est.)
country comparison to the world: 98
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179.1 billion kWh (2007 est.)
country comparison to the world: 21
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165.1 billion kWh (2007 est.)
country comparison to the world: 20
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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9.764 million bbl/day (2009 est.)
country comparison to the world: 2
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2.43 million bbl/day (2009 est.)
country comparison to the world: 9
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8.728 million bbl/day (2007 est.)
country comparison to the world: 1
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79,250 bbl/day (2007 est.)
country comparison to the world: 74
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266.7 billion bbl (1 January 2009 est.)
country comparison to the world: 1
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77.1 billion cu m (2009 est.)
country comparison to the world: 10
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77.1 billion cu m (2009 est.)
country comparison to the world: 11
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0 cu m (2008 est.)
country comparison to the world: 130
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0 cu m (2008 est.)
country comparison to the world: 135
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7.319 trillion cu m (1 January 2009 est.)
country comparison to the world: 5
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$26.5 billion (2009 est.)
country comparison to the world: 13
$133.5 billion (2008 est.)
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$189.7 billion (2009 est.)
country comparison to the world: 20
$313.5 billion (2008 est.)
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petroleum and petroleum products 90%
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Japan 15.33%, South Korea 12.71%, US 12.2%, China 10.38%, India 7.12%, Taiwan 4.54%, Singapore 4.25% (2009)
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$82.29 billion (2009 est.)
country comparison to the world: 33
$101.5 billion (2008 est.)
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machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
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US 12.32%, China 12.06%, Germany 7.67%, Japan 6.15%, South Korea 5.32%, India 4.99%, UK 4.72%, France 4.05% (2009)
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$410.3 billion (31 December 2009 est.)
country comparison to the world: 4
$442.8 billion (31 December 2008 est.)
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$72.45 billion (31 December 2009 est.)
country comparison to the world: 40
$82.13 billion (31 December 2008 est.)
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$142 billion (31 December 2009 est.)
country comparison to the world: 27
$131.5 billion (31 December 2008 est.)
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$19.13 billion (31 December 2009 est.)
country comparison to the world: 38
$18.07 billion (31 December 2008 est.)
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Saudi riyals (SAR) per US dollar - 3.75 (2009), 3.75 (2008), 3.745 (2007), 3.745 (2006), 3.747 (2005)
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