escription: green with large white Arabic script (that may
be 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); green is the traditional color of Islam

Economy

Economy--overview: This is a well-to-do 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 total), ranks as the largest exporter of petroleum, and
plays a leading role in OPEC. The petroleum sector accounts for
roughly 75% of budget revenues, 40% of GDP, and 90% of export
earnings. About 35% 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 Saudi economy was
severely hit by the large decline in world oil prices in 1998. GDP
fell by nearly 11%; the budget deficit rose to $12.3 billion; and
the current account recorded a $13 billion deficit--the first in
three years. The government announced plans to implement large
spending cuts in 1999 because of weak oil prices and will continue
to call on greater private sector involvement in the economy.
Shortages of water and rapid population growth will constrain
government efforts to increase self-sufficiency in agricultural
products.

GDP: purchasing power parity--$186 billion (1998 est.)

GDP--real growth rate: -10.8% (1998 est.)

GDP--per capita: purchasing power parity?$9,000 (1998 est.)

GDP--composition by sector:
agriculture: 6%
industry: 53%
services: 41% (1996)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): -0.2% (1998 est.)

Labor force: 7 million
note: 35% of the population in the 15-64 age group is non-national
(July 1998 est.)

Labor force--by occupation: government 40%, industry,
construction, and oil 25%, services 30%, agriculture 5%

Unemployment rate: NA%

Budget:
revenues: $32.3 billion
expenditures: $44 billion, including capital expenditures of $NA
(1999 budget est.)

Industries: crude oil production, petroleum refining, basic
petrochemicals, cement, two small steel-rolling mills, construction,
fertilizer, plastics

Industrial production growth rate: 1% (1997 est.)

Electricity--