Saudi Arabia's Economic Position

Kuwait had per capita gross domestic product of US$17,138 and Bahrain's per capita income stood at US$9,809. None of these other nations, however, had aggregate gross domestic product in excess of US$61 one million million, and the high per capita GDP figures are due to clinical depression populations in these nations, which often lay out even less non-oil economic activity than Saudi Arabia ("Databank," 2001, p. 32).

mend absolute GDP is important, the charge per unit of GDP growth after part be an indicator of future economic performance. Qatar had the highest growth roll in the region, and, at 12 percent, was the only nation in the region posting a GDP increase of to a greater extent than 10 percent. Saudi Arabia had a GDP increase of 4.5 percent, placing it in the middle of the progress of the region as a solely (Yemen, the UAE, Tunisia, Sudan, Oman and Kuwait all had more substantial increases than Saudi Arabia amid 1999 and 2000, although none exceeded growth rates of seven percent during the eon in question) ("Databank," 2001, p. 32).

Aside from having one of the highest GDPs in the region, Saudi Arabia in any case has one of the lowest inflation rates. In 2000, inflation in Saudi Arabia was running at an annual rate of 1.2 percent. This was low even among oil producing nations in the region, and was surpassed only by Jordan (at 0.7 percent) and Bahrain, which was experiencing deflation (the rate of inflation in Bahrain was --1.0 percent). Lebanon too had a low (one percen

Saudi Arabia: September 11 attacks negatively impact dispense. (2001, October 31). IPR Strategic Business Information Database, n.p.

Databank: Economic indicators, 2000. (2001, October 5). MEED ticker East Economic Digest (45), p. 32.

Despite the high trade balance, Saudi Arabia was among the top importers in the region, with imports of more than US$27 billion in 2000.

This was the third highest level of imports in the middle(a) East, with only Turkey (at US$53 billion) and the UAE (at US$31 billion) having higher levels of imports. However, no other nation even approached Saudi Arabia's export level of more than US$78 billion: the UAE exported US$43 billion and Turkey US$31 billion while Iran and Kuwait exported US$28 and 19 billion, respectively ("Databank," 2001, p. 32).

The attacks in the United States on September 11, 2001 turn in already had an effect on the economy of Saudi Arabia. The attacks effectively increased the price of transportation, and insurance costs have also increased as insurance companies seek to cover their losses. redress costs have also increased as a result of the expectation that additional attacks will occur resulting in additional risk to carriers. The textile industry in feature has been affected, with exports expected to decline as costs increase. Saudi analysts bet that the events of September 11 have resulted in an increase in costs of approximately 10 percent ("Saudi Arabia," 2001, n.p.).

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