Saudi Arabia Country Snapshot


EIU

Saudi Arabia - Economist Intelligence Unit - The Economist

DOMESTIC POLITICS: The rule of the Al Saud family is expected to remain secure in 2010-11, with opposition movements fragmented and suppressed, but the government's political effectiveness will be limited. Although there is unlikely to be any move to an elected parliament, the king's power will be checked by the need to maintain consensus among senior princes with strong power bases of their own, and to accommodate the conservative clerical establishment. The king's personal standing is bolstered by his reputation for piety, but there is believed to be significant resentment of Al Saud rule, owing to perceptions of corruption, vast inequalities in the distribution of wealth, high youth unemployment, the often arbitrary application of the law, and the government's strong ties with the US. To counter this, the government will claim legitimacy through its religious credentials--domestically the king uses the title of Custodian of the Two Holy Mosques--and through extensive public spending. Wider public opinion will be difficult to gauge given tight restrictions on civil society and freedom of speech as well as a ban on any political parties. The need to buy support through patronage networks and public-sector employment will remain a constraint on economic policy.

Country Forecast Overview (3 Year)
Key Indicators 2008 2009 2010
Real GDP Growth (%) 1.30 -3.30 .70
Consumer Price Inflation (av;%) 9.87 5.00 3.50
Budget Balance (% of GDP) 33.05 .80 4.10
Current-Account Balance (% of GDP) 28.30 6.00 10.20
Exchange Rate US$:Euro (av) 3.75 3.75 3.75
Exchange Rate US$:Euro(year-end) 3.75 3.75 3.75

Saudi Arabia GDP PPP & GDP Growth Rates
2004 - 2008
Saudi Arabia GDP Growth Rate Chart

Year GDP in Billions of USD PPP % GDP Growth
2004 438.97 2.88
2005 490.97 2.85
2006 523.05 0.74
2007 556.25 1.00
2008 591.99 1.30
Source: EIU Country Data

Saudi Arabia: risk assessment
Risk October 2009
Sovereign risk BBB
Currency risk BBB
Banking sector risk BB
Political risk B
Economic structure risk BBB
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