Government's Role in the Economy
Due to the massive increase of oil prices, Saudi Arabia is witnessing surplus in their revenues and annual budgets.
Large state firms dominate to a certain extent, the Saudi economy. These firms include the oil firm Saudi ARAMCO, Saudi Arabian Basic Industries Corporation (SABIC), Saudi Telecommunications Company (STC), the Saudi Electricity Company (SEC) and the Saline Water Conversion Corporation (SWCC). In recent decades, the private sector has accounted for roughly 40 percent of Saudi GDP. During 2003, the non-oil private sector GDP is estimated to have grown by more than four percent, while the oil sector grew an outstanding 28 percent in 2003.