Oil and natural gas products now account for two-thirds of Saudi GDP and 90 per cent of export revenue. As of 1997, Saudi Arabia's reserves of petroleum were sufficient to maintain current production levels for another 80 years. Agriculture, which supports a little over 10 per cent of the workforce, produces wheat, fruit, vegetables, barley, eggs and poultry, in most of which the kingdom is now self-sufficient. The industrial sector produces petrochemicals, steel, engineering products and a wide range of consumer goods.
Construction is also a key industry.
The service sector is the fastest growing part of the economy at present with finance and business services, consultancies and property services prominent. The rapid expansion of the Saudi economy from the 1960s onwards was stalled during the 1990s as overstretched finances and persistently low world oil prices forced the Saudi exchequer to rein in its spending planes throughout the decade. In the latter part of the 1990s, economic policy has been geared towards diversification away from oil and gas , promotion of manufacturing industry and the introduction of deregulating and liberalising measures in order to open up the economy to foreign investment and re-attract expatriate capital. The programme has enjoyed mixed results and while there is no sign of an immediate recovery in oil prices, Saudi finances are expected to remain somewhat shaky for the foreseeable future. Japan, the UK and the USA are the largest exporters to Saudi Arabia, while most of the kingdom's oil is sold to Germany, Italy, France and South Korea.