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Location:
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Middle
East, bordering the Persian Gulf and the Red Sea, north of Yemen
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| Geography: |
25 00 N,
45 00 E
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| Area: |
Total:
1,960,582 sq km
land: 1,960,582 sq km
water: 0 sq km
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| Land
boundaries: |
Total:
4,431 km
border countries: Iraq 814 km, Jordan 744 km, Kuwait 222 km, Oman 676 km, Qatar
60 km, UAE 457 km, Yemen 1,458 km
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| Coastline: |
2,640 km
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| Maritime
claims: |
Territorial
sea: 12 nm
Contiguous zone: 18 nm
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| GDP
(purchasing power parity): |
$340.5
billion (2005 est.)
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| GDP
(official exchange rate): |
$281.2
billion (2005 est.)
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| GDP -
real growth rate: |
6.4%
(2005 est.)
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| GDP -
per capita: |
Purchasing
power parity - $12,900 (2005 est.)
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| Economy
- overview: |
This
is an oil-based economy with strong government controls over major economic
activities. Saudi Arabia possesses 25% of the world's proven petroleum
reserves, ranks as the largest exporter of petroleum, and plays a leading role
in OPEC. The petroleum sector accounts for roughly 75% of budget revenues, 45%
of GDP, and 90% of export earnings. About 40% of GDP comes from the private
sector. Roughly five and a half million foreign workers play an important role
in the Saudi economy, for example, in the oil and service sectors. The
government is encouraging private sector growth to lessen the kingdom's
dependence on oil and increase employment opportunities for the swelling Saudi
population. The government has begun to permit private sector and foreign
investor participation in the power generation and telecom sectors. As part of
its effort to attract foreign investment and diversify the economy, Saudi
Arabia this year acceded to the WTO after many years of negotiations. With high
oil revenues enabling the government to post large budget surpluses, Riyadh has
been able to substantially boost spending on job training and education,
infrastructure development, and government salaries.
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| Labor
force: |
6.76
million
Note: more than 35% of the population in the 15-64 age group is non-national
(2005 est.)
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| Inflation
rate: |
0.6%
(2005 est.)
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| 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
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| Industrial
production growth rate: |
2.8%
(2005 est.)
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| Oil -
production: |
9.475
million bbl/day (2005 est.)
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| Oil -
consumption: |
1.775
million bbl/day (2003)
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| Oil -
exports: |
7.92
million bbl/day (2003)
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| Oil -
proved reserves: |
262.7
billion bbl (2005 est.)
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| Natural
gas-production: |
58.4
billion cu m (2005)
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| Natural
gas-consumption: |
56.4
billion cu m (2005)
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| Currency
(code): |
Saudi
riyal (SAR)
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| Fiscal
year: |
1
March - 28 February
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