ksa

Economy of Saudi Arabia Introduction The Kingdom of Saudi Arabia has an economy that is primarily petroleum-based Many economic factors are based largely on the performance of oil in the world market Economic development in the country has been rapidly progressing since the discovery of their vast oil reserves in 1938 The economy is currently experiencing an economic boom from a new rising industry in the country , computer technology Agricultural Produce wheat , barley , tomatoes , melons , dates , citrus mutton , chickens , eggs , milk Agriculture makes up only 12 of KSA 's economy Irrigation

is a major problem from of lack of water supply

Natural Resources petroleum , natural gas , iron ore , gold , copper KSA has the largest oil reserves in the world Current reserves are estimated to be at 260 billion barrels

Major industries crude oil production , petroleum refining , basic petrochemicals , ammonia , industrial gases , sodium hydroxide (caustic soda , cement , construction , fertilizer , plastics , commercial ship repair , commercial aircraft repair Information technology is rapidly climbing the industrial ranks since its deregulation in 2002 International Trade The KSA initially had a restrictive economy with many sectors where foreign investment is prohibited

In April 2000 , the Saudi Arabian General Investment Authority was established to encourage foreign direct investment

The KSA became a World Trade Organization member on November , 2005 Exports Commodities exported Petroleum Petroleum products Major Partners United States of America (19 .3 Japan (16 .4 South Korea (8 .7 People 's Republic of China (5 .8 Singapore (4 .5 Imports Commodities imported machinery and equipment Foodstuffs Chemicals Motor vehicles Textiles Major Partners U .S (9 .3 Germany (6 .8 Japan (6 .7 UK (5 .4 People 's Republic of China (5 Public Finances Economic Statistics GDP (PPP ) - 446 billion (2007 Rank : 27th GDP growth - 4 .7 (2007 GDP per capita (PPP ) - 21 ,200 (2007 Rank : 41st GDP by sector (2007 agriculture (3 industry (61 .8 services (35 .2 Exchange Rate Trend The currency has remained stable with slight increases despite the economic variance shown on the previous slide Labor , Unemployment Poverty Workforce : 6 .488 million (2007 Over 35 of the workforce are non-nationals Workforce by occupation (1999 agriculture : 12 industry : 25 services : 63 Unemployment rate : 13 of Saudi males Population below poverty line : Not Applicable Standards of the poverty line do not apply because the standard of living of the baseline majority is above the world baseline Inflation its effects Since the 1980s , inflation is Saudi Arabia has been minimal Thus , the strength of its currency remained almost constant within the last decades Inflation is the KSA rose from only 0 .8 in 2004 to 3 .4 in 2007 Although this more than tripled the inflation rate , it was small enough to begin with such that no major effects were felt by the populace Conclusion The Kingdom of Saudi Arabia is a very economically progressive country It has vast natural resources mainly of petroleum Its inflation rate is minimal Its per capita GDP is high and is growing steadily Saudi Arabia is moving from...