About Saudi Arabia...
Saudi Arabia's command economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia's gross domestic product, compared with 40% from the private sector. Saudi Arabia officially has about 260 billion barrels (4.1×1010 m3) of oil reserves, comprising about one-fifth of the world's proven total petroleum reserves. The government is attempting to promote growth in the private sector by privatizing industries such as power and telecommunications. In the 1990s, Saudi Arabia experienced a significant contraction of oil revenues combined with a high rate of population growth. Per capita income fell from a high of $11,700 at the height of the oil boom in 1981 to $6,300 in 1998. Increases in oil prices since 2000 have helped boost per capita GDP to $17,000 in 2007 dollars, or about $7,400 adjusted for inflation. Saudi Arabia is one of only a few fast-growing countries in the world with a relatively high per capita income of $20,700 (2007). Saudi Arabia will be launching six "economic cities" (e.g. King Abdullah Economic City) which are planned to be completed by 2020. These six new industrialized cities are intended to diversify the economy of Saudi Arabia, and are expected to increase the per capita income. The King of Saudi Arabia has announced that the per capita income is forecast, to rise from $15,000 in 2006 to $33,500 in 2020. The cities will be spread around Saudi Arabia to promote diversification for each region and their economy, and the cities are projected to contribute $150 billion to the GDP. However the urban areas of Riyadh and Jeddah are expected to contribute $287 billion dollars by the year 2020.
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| Exports To Saudi Arabia Facts |
| Location: |
Middle East |
| Coordinates: |
25 00 N, 45 00 E |
| Int. Dialing Code: |
00 966 |
| Currency: |
Saudi riyals (SAR) |
| Language: |
Arabic (official) |
| Area: |
2,149,690 sq km |
| Capital City: |
Riyadh |
| Population: |
26,131,703 (July 2011 est.) |
| Population Ranking: |
46 |
| Employment: |
89.2 |
| Inflation: |
5.7% (2010 est.) |
| GDP: |
$622 billion (2010 est.) |
| GDP Ranking: |
23 |
| GDP Growth: |
3.7% (2010 est.) |
| Internet Users: |
9.774 million (2009) |
| Television Stations: |
4 |
| Phone Lines: |
4.171 million (2009) |
| Mobile Phones: |
44.864 million (2009) |
| Major Industry: |
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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