| Economy | United Arab Emirates |
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Economy - overview:
|
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. Higher oil revenue, strong liquidity, housing shortages, and cheap credit in 2005-07 led to a surge in asset prices (shares and real estate) and consumer inflation. The global financial crisis and the resulting tight international credit market and falling oil prices have already begun to deflate asset prices and will result in slower economic growth for 2009. Dependence on oil and a large expatriate workforce are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment. |
GDP (purchasing power parity):
|
$184.6 billion (2008 est.)
$171.4 billion (2007)
$159.3 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$40,000 (2008 est.)
$38,600 (2007 est.)
$37,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$270 billion (2008 est.) |
GDP - real growth rate:
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7.7% (2008 est.)
7.6% (2007 est.)
9.4% (2006 est.) |
GDP - composition by sector:
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agriculture: 1.6%
industry: 61.8%
services: 36.6% (2008 est.) |
Investment (gross fixed):
|
20.8% of GDP (2008 est.) |
Population below poverty line:
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19.5% (2003) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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14.4% (2008 est.) |
Central bank discount rate:
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NA |
Commercial bank prime lending rate:
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void |
Stock of money:
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$49.5 billion (31 December 2007) |
Stock of money - per capita:
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10,316 USD per capita |
Stock of quasi money:
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$104.6 billion (31 December 2007) |
Stock of quasi money - per capita:
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21,799 USD per capita |
Stock of domestic credit:
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$155.4 billion (31 December 2007) |
Stock of domestic credit - per capita:
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32,386 USD per capita |
Labor force:
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3.266 million (2008 est.) |
Labor force participation rate:
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68.06 % of population |
Labor force - by occupation:
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agriculture: 7%
industry: 15%
services: 78% (2000 est.) |
Unemployment rate:
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2.4% (2001) |
Budget:
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revenues: $83.15 billion
expenditures: $48.3 billion (2008 est.) |
Budget revenues per capita:
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17,329 USD per capita |
Public debt:
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22.4% of GDP (2008 est.) |
Industries:
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petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles |
Industrial production growth rate:
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7.7% (2008 est.) |
Electricity - production:
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62.76 billion kWh (2006 est.) |
Electricity - production per capita:
|
13,080 kWh per capita |
Electricity - consumption:
|
57.88 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
12,063 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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2.948 million bbl/day (2007 est.) |
Oil - production per capita:
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614,360 bbl/day per capita |
Oil - consumption:
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381,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
28.98 bbl/year per capita |
Oil - exports:
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2.703 million bbl/day (2005 est.) |
Oil - imports:
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232,300 bbl/day (2005) |
Oil - proved reserves:
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97.8 billion bbl (1 January 2008 est.) |
Natural gas - production:
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48.79 billion cu m (2006 est.) |
Natural gas - production per capita:
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10,168 cu m per capita |
Natural gas - consumption:
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43.11 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
|
8,985 cu m per capita |
Natural gas - exports:
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6.848 billion cu m (2005 est.) |
Natural gas - imports:
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1.343 billion cu m (2005) |
Natural gas - proved reserves:
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6.071 trillion cu m (1 January 2008 est.) |
Agriculture - products:
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dates, vegetables, watermelons; poultry, eggs, dairy products; fish |
Current account balance:
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$36.41 billion (2008 est.) |
Current account balance - per capita:
|
7,588 USD per capita |
Exports:
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$207.7 billion f.o.b. (2008 est.) |
Exports per capita:
|
43,285 USD per capita |
Exports - commodities:
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crude oil 45%, natural gas, reexports, dried fish, dates |
Exports - partners:
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Japan 23.6%, South Korea 9.2%, Thailand 5%, India 4.8% (2007) |
Imports:
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$141.1 billion f.o.b. (2008 est.) |
Imports per capita:
|
29,406 USD per capita |
Imports - commodities:
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machinery and transport equipment, chemicals, food |
Imports - partners:
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China 12.8%, India 10%, US 8.7%, Japan 6.1%, Germany 5.9%, UK 5.3%, Italy 4.6% (2007) |
Reserves of foreign exchange and gold:
|
$67.24 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
14,013 USD per capita |
Debt - external:
|
$73.71 billion (31 December 2008 est.) |
Debt - external - per capita:
|
15,362 USD per capita |
Stock of direct foreign investment - at home:
|
$62.69 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
13,065 USD per capita |
Stock of direct foreign investment - abroad:
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$28.95 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
6,034 USD per capita |
Market value of publicly traded shares:
|
$224.7 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
46,828 USD per capita |
Economic aid - donor:
|
since its founding in 1971, the Abu Dhabi Fund for Development has given about $5.2 billion in aid to 56 countries (2004) |
Economic aid - recipient:
|
$5.36 million (2004) |
Economic aid - recipient per capita:
|
2 USD per capita |
Currency (code):
|
Emirati dirham (AED) |
Exchange rates:
|
Emirati dirhams (AED) per US dollar - 3.6725 (2008 est.), 3.6725 (2007), 3.6725 (2006), 3.6725 (2005), 3.6725 (2004)
note: officially pegged to the US dollar since February 2002 |
Fiscal year:
|
calendar year |
|
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