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, 45% of GDP, and 90% of export earnings. About 25% of GDP comes from the private sector. Roughly 4 million foreign workers play an important role in the Saudi economy, for example, in the oil and service sectors. The government in 1999 announced plans to begin privatizing the electricity companies, which follows the ongoing privatization of the telecommunications company. The government is supporting private sector growth to lessen the kingdom's dependence on oil and increase employment opportunities for the swelling Saudi population. Priorities for government spending in the short term include additional funds for the water and sewage systems and for education. Water shortages and rapid population growth constrain the government's efforts to increase self-sufficiency in agricultural products.

purchasing power parity - $268.9 billion (2002 est.)

1% (2002 est.)

purchasing power parity - $11,400 (2002 est.)

agriculture: 5.2%
industry: 51.2%
services: 43.6% (2001 est.)

NA%

1% (2002 est.)

7 million
note: 35% of the population in the 15-64 age group is non-national

agriculture 12%, industry 25%, services 63% (1999 est.)

25% (2002)

crude oil production, petroleum refining, basic petrochemicals, cement, construction, fertilizer, plastics

1% (1997 est.)