United Arab Emirates:
Economy

Other pages in this profile of the United Arab Emirates:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, nearly 40% of GDP is still directly based on oil and gas output. 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. Rising prices are increasing the operating costs for businesses in the UAE and adversely impacting government employees and others on fixed incomes. 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)	Definition - World rank and map $167.3 billion (2007 est.)
GDP (official exchange rate)	Definition $192.6 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 7.4% (2007 est.)
GDP - per capita	Definition - World rank and map $37,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 1.8% industry: 59.3% services: 38.9% (2007 est.)
Labor force	Definition 3.065 million (2007 est.)
Labor force - by occupation	Definition agriculture: 7% industry: 15% services: 78% (2000 est.)
Unemployment rate	Definition - World rank and map 2.4% (2001)
Population below poverty line	Definition 19.5% (2003)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 11% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 21.8% of GDP (2007 est.)
Budget	Definition revenues: $58.88 billion expenditures: $38.06 billion (2007 est.)
Public debt	Definition - World rank and map 22.9% of GDP (2007 est.)
Agriculture - products	Definition dates, vegetables, watermelons; poultry, eggs, dairy products; fish
Industries	Definition petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles
Industrial production growth rate	Definition - World rank and map 4.3% (2007 est.)
Electricity - production	Definition - World rank and map 57.06 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 52.62 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 11,386.2 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 2.54 million bbl/day (2006 est.)
Oil - consumption	Definition - World rank and map 372,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 80.5 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 2.54 million bbl/day (2004 est.)
Oil - imports	Definition - World rank and map 137,200 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 97.8 billion bbl (2007 est.)
Natural gas - production	Definition - World rank and map 45.07 billion cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 39.56 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 8,560 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 6.848 billion cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 1.343 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 5.823 trillion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $41.67 billion (2007 est.)
Exports	Definition - World rank and map $156.6 billion f.o.b. (2007 est.)
Exports - commodities	Definition crude oil 45%, natural gas, reexports, dried fish, dates
Exports - partners	Definition Japan 23.4%, South Korea 10.3%, Thailand 5%, India 4.8% (2006)
Imports	Definition - World rank and map $101.6 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and transport equipment, chemicals, food
Imports - partners	Definition China 13.1%, India 10.2%, US 8.9%, Japan 6.2%, Germany 6.1%, Italy 4.7% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $76.62 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $57.52 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $44.37 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $14.14 billion (2007 est.)
Market value of publicly traded shares	Definition $138.5 billion (2006)
Economic aid - donor	Definition 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	Definition $5.36 million (2004)
Currency (code)	Definition Emirati dirham (AED)
Exchange rates	Definition Emirati dirhams per US dollar - 3.673 (2007), 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003) note: officially pegged to the US dollar since February 2002
Fiscal year	Definition calendar year

United Arab Emirates: Economy

United Arab Emirates:
Economy