The Economy of Saudi Arabia
Saudi Arabia is the largest exporter of petroleum. They have an oil-based economy with major government controls over major economic issues. The petroleum sector is responsible for 80% of their budget revenues. They are currently improving the economy by trying to educate more people because they also have an astounding unemployment rate of about 28%. Most all business's will hire Saudi's first and it is because there are certain rules and laws passed to help them out. When the education gets more widespread throughout Saudi Arabia, more people will be working and essentially that will drastically improve their economic conditions.
Saudi Arabia's Trading Partners:
1. Japan 15%
2. China 15%
3. United States 15%
4. South Korea 11%
5. India 8.9%
1. Japan 15%
2. China 15%
3. United States 15%
4. South Korea 11%
5. India 8.9%
Petroleum factory in Saudi Arabia.