What Do You Know About The Economy Of Saudi Arabia?

Any thing which is tangible and has potential to serve the need of the consumers is called a consumer product. The product or service can be used interchangeably. Every product has three main characteristics including the core benefits, actual benefits and augmented product.  There are different types of consumer products. One of them is a convenience product. These types of products are low price and can be frequently purchased. It has large distribution. The consumer purchases these products with minimal interference. The second type of product is called shopping product. In this type of purchase the consumer pay great attention.

These products have selective distribution in the market and the consumers are very conscious about the brand.  In these types of product the advertising and promotion is also contributed by the reseller. The third product which is in the category is called Specialty product. The customer pays more attention and consideration when purchasing these products. These products have usually high prices. The distributions of these products are very exclusive. The producer and reseller both contribute in the advertising and promotions. The last type of product is unsought products. These product are very unique in nature the customer is completely aware of it but have some knowledge about these products. The price of these products varies.

            The largest contributor to Saudi Arabia's economy is oil. It is the world's largest exporter of oil, way ahead of Norway, which is considered the second. Its oil export numbers are at least four times higher than that of Norway. Saudi Arabia is an oil rich country, with daily production of oil standing at 1.3 million tons a day.

            Besides oil, another strong contributor to the Saudi economy is natural gas, standing at 100 million m3 per day. It has 100% export surplus. Besides oil, the other contributors to Saudi Arabia's economy are agriculture and fishing.

             These have been the traditional contributors, but are nowhere on the same levels as oil and natural gas. They provide employment to roughly about 10% of the population of the country. This is primarily because large tracts of land in Saudi are infertile, and today, Saudi Arabia imports most of the food materials from across the world.

            Besides these elements, another contributor to the Saudi economy is the annual pilgrimage to Mecca and Madina that millions of people from across the world make. Every year, the number of people coming into Saudi Arabia for this pilgrimage, called the Haj, stands at anywhere between two to three million, and this pilgrimage alone contributes more than $2 billion to the Saudi economy.

            The countries that contribute mainly to Saudi Arabia's imports include its long-term ally USA, which accounts for a whopping 21% of all imports. Other countries include UK, which contributes 11% of all Saudi imports, Japan (6.7%), Switzerland (5.8%), and Germany (5.5%). The countries that contribute to Saudi Arabia's export economy are USA, with a high figure of 17.6%, Japan with 15%, South Korea with 10%, and Singapore, Holland, and France with 6%, 4.3%, and 3.9% respectively.