2. Figure Statistic
GDP (PPP) $622 billion
GDP growth rate 3.7% Index of
Population 26,131,703 Economic
Per capita GDP
Unemployment
$24,200
10.8% { Freedom
Ranking of
Inflation Rate 5.7%
54
Statistics
3. Brief History
Unified on September 23, 1932
Birthplace of Islam
Home to Mecca and Medina
Oil encompasses 90% of trade and
88% of government revenues
Current leader is King Abdulla bin
Abd al-Aziz Al Shaud, been in
office since 2005
4. Political Environment
Monarchy governed by Islamic law,
sharia
Shift to regional politics under King
Fahd
King Abdullah’s new initiatives
Improving social welfare
Diversification
Reorganizing the government
sector
5. Trade
Imports
Machinery and equipment, foodstuffs,
chemicals, motor vehicles, textiles
U.S., China, Germany, Japan
Exports
Petroleum and petroleum products
Japan, South Korea, U.S., China
Domestic Changes
Demand for specialized skills in the
industry sector
6. Production and Trade
Flows
Weighted average tariff rate was 3.9%
in 2009
High tariff on agricultural goods and
ban on the imports of swine
High protection on intellectual
property
Low freedom of trade score was a
result of existence of nontariff barriers
7. Figure Statistic
Trade Balance $39,082 million
Current Account Balance $18,604 million
Level of External Debt $82.92 million
IIP ($7,832 million)
Exchange Rate of 3.75
Pegged to the U.S. dollar
International Finance
8. Financial Crisis
“Oil was like a drug that drove
out other opportunities.”
-Vietor
Oil shocks
A bailout for OPEC
9. Regional Trade Agreement
Gulf Cooperation Council
Customs Union
Official date of entry: January
1, 2003
Benefits
Fostering scientific research
Unified military presence
Further attempt to diversify
Imports in years following signing
rose by over $40 billion (Vietor)