Saudi arms deals are key factor in US economic growth by creating jobs and reducing unemployment
US arms sales to Saudi Arabia have increased the US economic growth, created numerous jobs in both countries and opened new horizons for joint and permanent cooperation in a myriad of fields and projects.
Data released by the US Bureau of Economic Analysis (BEA) unveiled that the GDP has grown at an annual rate of 4.2% in April, May and June, as the US arms sales have and played a major prominent and effective role in supporting the US economy.
In its annual report, the Pentagon asserted that the arms sales by armament companies around the world have exceeded USD 1.1 trillion in 2017, deemed the highest so far by the report.
The Kingdom of Saudi Arabia is the most important Middle East country and the most prominent ally. The volume of US arms exports between 2015 and 2017 amounted to more than 43 billion dollars. Meanwhile, the last arms deal was made early 2018 and amounted to 3 billion dollars, including the supply of self-propelled artillery, military aircraft and anti-tank systems, as well as ammunition, tanks and military equipment.
According to 2017 statistics, the volume of trade exchange between the two countries exceeded USD 135 billion; Saudi exports amounted to USD 69 billion by 51%, thanks to historical agreements and deals exceeded USD 400 billion between the two countries.
According to US experts, the US-Saudi arms sales have brought enormous successes between the two countries, for providing the Americans with more job opportunities. The unemployment rate in the US dropped from 4.7% by December 2016 to 4.1% by the end of 2017.
The US economy could add 148 thousand jobs in 2017, while unemployment benefit applications have significantly developed, reaching the lowest level over forty-four years in October of the same year.
The industry sector witnessed a significant rise after reaching its highest level over thirteen years at 60.8 points, while Market Research Index data showed that the index has reached its highest level of 55.1 points since March 2015.
On a related level, the US service sector ended in 2017 with 54.2 points, and rose in August at the highest level in 28 points.