Saudi-Arabien Wirtschaftshandbuch Saudi Arabia Business ... - Ghorfa

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trendS In the develoPment
of economy
Saudi Arabia is estimated to have 264 billion barrels
of oil reserves, which equates to around one quarter of
the currently proven global reserves and almost 4% of
the worldwide natural gas reserves. The country is the
world’s largest exporter of crude oil and the third largest
exporter of natural gas. The oil economy generates
approx. 82% of the state income and approx. 90% of the
export revenue.
This economic dependency on oil means that price fluctuations
on the world crude oil market have a direct effect
on the foreign trade account, the state budget and the
development of the internal economy. Whilst efforts to
effect diversification within the domestic economy have
meant that the share of the oil and gas sector in the gross
domestic product (GDP) has been reduced from over
50% at the start of the 1990s to approx. 32.3% (2006),
the percentage of the manufacturing industry in the total
Saudi economic output remains low at 11.7%. The
construction industry makes up 6.9% of the GDP and
the service sector 20.6%. The agriculture sector, which
has been promoted to try and achieve a higher level of
independence as far as the production of basic foods is
concerned – a plan that is controversial both from an
WirTSchAfTSTrenDS – – economIc trendS
economic and ecological point of view – generates 4.9%
of the GDP.
In the second half of the 1990s, the growth of the gross
domestic product dropped significantly. The main reasons
for this drop in growth were sinking investments and
their lack of efficiency, the aftermath of the Gulf War
and the heavy drop in oil prices in 1998/99.
After many years of recession and stagnation, Saudi
Arabia is currently enjoying and economic boom. The
main reasons for this are the economic reforms that were
started in 2000, which allowed entry into the WTO in
November 2005, and the constantly high oil prices and
the expanded supply rates. The growing importance of
the private sector should also be mentioned here. The
GDP growth has stabilised now and achieved growth
rates that are clear indicators of an economic boom. After
a record rate of growth totalling 7.7% was recorded
in 2003, the growth rates that followed in the following
years were also respectable: 5.3% (2004), 6.1% (2005)
and 4.3% (2006). And again a GDP growth of 4.1% was
reached in 2007. A significant factor for the continued
path of economic diversification is the fact that the nonoil
areas show a steady growing rate of growth in recent
years (2007: 6.6%).
This generally positive economic growth has also led to
a significant improvement of the budget situation. In
BiP-Wachstum 2002-2007 (in%) 2002 2003 2004 2005 2006 2007
Bruttoinlandsprodukt 0,1 7,7 5,3 6,1 4,3 4,1
Erdölsektor -7,5 17,1 6,8 7,8 0,2 -0,2
Nicht-Hydrokarbonsektoren 3,7 3,6 4,7 5,2 6,3 6,6
Quelle: Saudi Arabian Monetary Agency, Annual report 2006, riyadh 2007; iMf Survey, Vol. 23, no.1, Washington, 2006; iMf Public information notice no. 07/131,
Washington, October 2007
GdP Growth for 2002-07 (in%) 2002 2003 2004 2005 2006 2007
Gross Domestic Product 0.1 7.7 5.3 6.1 4.3 4.1
Crude Oil Sector -7.5 17.1 6.8 7.8 0.2 -0.2
Non-Hydrocarbon Sectors 3.7 3.6 4.7 5.2 6.3 6.6
Source: Saudi Arabian monetary Agency, Annual report 2006, riyadh 2007; Imf Survey, vol. 23, no.1, washington, 2006; Imf Public Information notice no. 07/131,
washington, october 2007
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