| 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, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009 and 2010. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures 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):
|
$260.8 billion (2011 est.)
$252.5 billion (2010 est.)
$244.6 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$48,500 (2011 est.)
$48,400 (2010 est.)
$48,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$358.1 billion (2011 est.) |
GDP - real growth rate:
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3.3% (2011 est.)
3.2% (2010 est.)
-3.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 0.7%
industry: 59.4%
services: 39.8% (2011 est.) |
Investment (gross fixed):
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20.5% of GDP (2011 est.) |
Population below poverty line:
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19.5% (2003) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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2.5% (2011 est.)
0.9% (2010 est.) |
Central bank discount rate:
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NA% |
Commercial bank prime lending rate:
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5.1% (31 December 2011 est.)
5.2% (31 December 2010 est.) |
Stock of money:
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$56.71 billion (31 December 2008)
$49.5 billion (31 December 2007) |
Stock of money - per capita:
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11,015 USD per capita |
Stock of quasi money:
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$127 billion (31 December 2008)
$104.6 billion (31 December 2007) |
Stock of quasi money - per capita:
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24,667 USD per capita |
Stock of domestic credit:
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$295 billion (31 December 2011 est.)
$274.7 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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57,297 USD per capita |
Stock of narrow money:
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$71.23 billion (31 December 2011 est.)
$63.43 billion (31 December 2010 est.) |
Stock of broad money:
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$234 billion (31 December 2011 est.)
$214.1 billion (31 December 2010 est.) |
Labor force:
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4.111 million
note: expatriates account for about 85% of the work force (2011 est.) |
Labor force participation rate:
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79.85 % 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) |
Unemployment, youth ages 15-24:
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total: 12.1%
male: 7.9%
female: 21.8% (2008) |
Budget:
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revenues: $120.8 billion
expenditures: $102.9 billion (2011 est.) |
Budget revenues per capita:
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23,463 USD per capita |
Taxes and other revenues:
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33.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
5% of GDP (2011 est.) |
Public debt:
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43.9% of GDP (2011 est.)
51.2% of GDP (2010 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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3.2% (2010 est.) |
Electricity - production:
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80.94 billion kWh (2009 est.) |
Electricity - production per capita:
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15,721 kWh per capita |
Electricity - consumption:
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70.58 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
13,709 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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2.813 million bbl/day (2010 est.) |
Oil - production per capita:
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546,356 bbl/day per capita |
Oil - consumption:
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545,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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38.64 bbl/year per capita |
Oil - exports:
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2.395 million bbl/day (2009 est.) |
Oil - imports:
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235,300 bbl/day (2009 est.) |
Oil - proved reserves:
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97.8 billion bbl (1 January 2011 est.) |
Natural gas - production:
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48.84 billion cu m (2009 est.) |
Natural gas - production per capita:
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9,486 cu m per capita |
Natural gas - consumption:
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59.08 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
11,475 cu m per capita |
Natural gas - exports:
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7.01 billion cu m (2009 est.) |
Natural gas - imports:
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17.25 billion cu m (2009 est.) |
Natural gas - proved reserves:
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6.453 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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dates, vegetables, watermelons; poultry, eggs, dairy products; fish |
Current account balance:
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$38.45 billion (2011 est.)
$11.21 billion (2010 est.) |
Current account balance - per capita:
|
7,468 USD per capita |
Exports:
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$265.3 billion (2011 est.)
$212.3 billion (2010 est.) |
Exports per capita:
|
51,528 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 17.1%, India 13.6%, Iran 6.9%, South Korea 6.1%, Thailand 5.1% (2010) |
Imports:
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$185.6 billion (2011 est.)
$161.4 billion (2010 est.) |
Imports per capita:
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36,049 USD per capita |
Imports - commodities:
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machinery and transport equipment, chemicals, food |
Imports - partners:
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India 17.5%, China 14%, US 7.7%, Germany 5.6%, Japan 4.8% (2010) |
Reserves of foreign exchange and gold:
|
$55.29 billion (31 December 2011 est.)
$42.79 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
10,739 USD per capita |
Debt - external:
|
$167.2 billion (31 December 2011 est.)
$151.8 billion (31 December 2010 est.) |
Debt - external - per capita:
|
32,475 USD per capita |
Stock of direct foreign investment - at home:
|
$81.33 billion (31 December 2011 est.)
$74.13 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
15,797 USD per capita |
Stock of direct foreign investment - abroad:
|
$57.93 billion (31 December 2011 est.)
$53.43 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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11,252 USD per capita |
Market value of publicly traded shares:
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$104.7 billion (31 December 2010)
$109.6 billion (31 December 2009)
$97.85 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
20,336 USD per capita |
Currency (code):
|
Emirati dirham (AED) |
Exchange rates:
|
Emirati dirhams (AED) per US dollar -
3.673 (2011 est.)
3.673 (2010 est.)
3.673 (2009)
3.6725 (2008)
3.6725 (2007) |
Fiscal year:
|
calendar year |
|
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