Saudi Arabia

ECONOMY

Budget: Latest available budget is for FY 1993 (December 31, 1992, to December 30, 1993). Revenues: SR169 billion (US$45.1 billion); expenditures: SR197 billion (US$52.6 billion); budget deficit: SR28 billion (US$7.5 billion). Persistent budget deficits since early 1980s; estimated government domestic debt at end 1992 was SR213 billion (US$57.0 billion).

Gross Domestic Product (real GDP-1990 prices): US$100.5 billion; US$10,338 per capita in 1992, up from US$9,933 per capita in 1990. Rapid rise in oil production and earnings combined with post-Persian Gulf War private sector financed miniboom caused GDP to rise 12.9 percent in 1991.

Oil Industry: Largest crude oil producer in the world (8.4 million barrels per day in 1992) and largest crude oil exporter (7.0 million barrels per day in 1992). World's largest crude oil reserves (261 billion barrels at end 1990, about 25.8 percent of the world's reserves) and reserves to current production ratio of 83.6 years. Rapidly increased production and exports following United Nations embargo on Iraq and Kuwait in August 1990. Began major production capacity expansion plan in 1989 with intent to raise sustainable crude oil output capacity to between 10.5 million and 11 million barrels per day by 1995. Also initiated refinery upgrading program in 1991.

Industry: Including manufacturing, utilities, and construction, industrial sector accounted for 21 percent of GDP in 1990. Government-funded industrial capacity grew sharply in 1980s. Major nonoil refining industries concentrated in petrochemical and chemicals sector. In early 1990s, private sector developing domestic light manufacturing. Petrochemical production capacity slated to increase 40 percent by 1995 compared with 1990.

Agriculture: After decade of massive government incentives, agricultural sector accounted for about 10 percent of GDP in 1990, up from under 1 percent of GDP in 1982. Rapid growth in output led to some food self-sufficiency (particularly food grains) but caused depletion of scarce underground water resources.

Inflation: Early 1990s inflation estimates 3.5 percent per annum.

Fiscal Year (FY): December 31 to following December 30, as of 1986.

Exports: Total exports rose from US$27.7 billion in 1989 to US$44.4 billion in 1990 and increased to US$51.7 billion in 1991. Higher crude oil exports main reason for increase, but since mid1980s exports of chemicals and other manufactured goods have grown to just under US$2 billion per annum.

Imports: Total imports rose rapidly in early 1990s spurred by domestic investment boom. Despite increase of imports to US$24.1 billion in 1990 (from US$21.1 billion in 1989) and further increases to US$34.6 billion in 1991, import level sharply down from early 1980s oil-boom period. Major imports consumer goods, industrial inputs, and transport items. Military imports, estimated at US$10 billion in FY 1990 and 1991, not included in these figures.

Data as of December 1992