Gross National Product (GNP): $181bn

Exchange rates against the US$ over the last year: 3.7502 Saudi riyals (3.7504)

SCORE CARD

World GNP ranking: 23rd GNP per capita: $8460 Balance of payments: $11.7bn Inflation: –0.5% Unemployment: 6%

Strengths

Vast oil and gas reserves. World-class associated industries. Accumulated surpluses and steady current income. Large earnings from two million pilgrims to Mecca annually.

Weaknesses

Lack of indigenous skilled workers. Heavily subsidized food production. Most consumer items and industrial raw materials imported. High youth unemployment. Large national debt. National wealth concentrated with royal family. Fears of political instability.

Profile

Great efforts have been made to reduce dependence on oil exports and to provide employment for young Saudis as opposed to foreign workers. Nonetheless, the country remains dependent on both. Saudi Arabia aims to control oil prices through OPEC in an effort to buoy up the industrialized countries while also undermining the drive to develop alternative energy. Since 2000, approved foreigners have been allowed complete ownership of Saudi businesses and rights to property. Large sums have been spent on creating an infrastructure to provide the basis for a manufacturing economy. A drive for privatization was announced in 2002.

EXPORTS

IMPORTS

ECONOMIC PERFORMANCE INDICATOR

From "The Financial Times World Desk Reference" © Dorling Kindersley 2004