Oil Revenues and Dutch Disease in Saudi Arabia: Differential Impacts on Sectoral Growth

Abstract

The purpose of this paper is to examine Saudi Arabian industrial development and, in particular, one aspect of the Dutch Disease: the effects of exchange rate appreciation on the Saudi Arabian manufacturing sector. As a basis of comparison, the effects of exchange appreciation on the other major sectors are also estimated. After controlling for overall growth the rate of expected inflation, anticipated government expenditures and developments in the oil sector, the presence of the Dutch Disease effects (both positive and negative) were found across a wide spectrum of activities. Based on the results of this analysis, several conclusions are drawn concerning the country's industrial policies.

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