Economy of United Arab Emirates

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. 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)
$262.1 billion (2011 est.)
$247.7 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$360.1 billion (2011 est.)
GDP - real growth rate
4.9% (2011 est.)
-3.3% (2009 est.)
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GDP - per capita (PPP)
$48,800 (2011 est.)
$48,900 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
0.8%
industry:
53.9%
services:
45.3% (2011 est.)
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Labor force
4.111 million
rank:
89
expatriates account for about 85% of the work force (2011 est.)
Labor force - by occupation
agriculture:
7%
industry:
15%
services:
78% (2000 est.)
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Unemployment rate
2.4% (2001)
rank:
20
Population below poverty line
19.5% (2003)
Household income or consumption by percentage share
lowest 10%:
NA%
highest 10%:
NA%
Investment (gross fixed)
21.1% of GDP (2011 est.)
rank:
79
Budget
revenues:
$113.4 billion
expenditures:
$95.53 billion (2011 est.)
Taxes and other revenues
31.5% of GDP (2011 est.)
rank:
83
Budget surplus (+) or deficit (-)
5% of GDP (2011 est.)
rank:
18
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Public debt
43.5% of GDP (2011 est.)
51.2% of GDP (2010 est.)
Inflation rate (consumer prices)
0.9% (2011 est.)
0.9% (2010 est.)
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Central bank discount rate
NA%
Stock of narrow money
$71.92 billion (31 December 2011 est.)
$63.43 billion (31 December 2010 est.)
Stock of broad money
$234 billion (31 December 2011 est.)
$214.1 billion (31 December 2010 est.)
Stock of domestic credit
$295 billion (31 December 2011 est.)
$274.7 billion (31 December 2010 est.)
Market value of publicly traded shares
$93.77 billion (31 December 2011)
$109.6 billion (31 December 2009)
Agriculture - products
dates, vegetables, watermelons; poultry, eggs, dairy products; fish
Industries
petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles
Industrial production growth rate
3.2% (2010 est.)
rank:
95
Electricity - production
80.94 billion kWh (2009 est.)
rank:
36
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Electricity - consumption
70.58 billion kWh (2008 est.)
rank:
38
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Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production
2.813 million bbl/day (2010 est.)
rank:
8
Oil - consumption
545,000 bbl/day (2010 est.)
rank:
33
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Oil - exports
2.395 million bbl/day (2009 est.)
rank:
4
Oil - imports
235,300 bbl/day (2009 est.)
rank:
41
Oil - proved reserves
97.8 billion bbl (1 January 2011 est.)
rank:
7
Natural gas - production
48.84 billion cu m (2009 est.)
rank:
19
Natural gas - consumption
59.08 billion cu m (2009 est.)
rank:
14
Natural gas - exports
7.01 billion cu m (2009 est.)
rank:
26
Natural gas - imports
17.25 billion cu m (2009 est.)
rank:
18
Natural gas - proved reserves
6.453 trillion cu m (1 January 2011 est.)
rank:
7
Current account balance
$26.32 billion (2011 est.)
$11.21 billion (2010 est.)
Exports
$252.6 billion (2011 est.)
$212.3 billion (2010 est.)
Exports - commodities
crude oil 45%, natural gas, reexports, dried fish, dates
Exports - partners
Japan 16.1%, India 14%, Iran 10.9%, South Korea 5.5%, Thailand 5.4%, Singapore 4.4% (2011)
Imports
$185.6 billion (2011 est.)
$161.4 billion (2010 est.)
Imports - commodities
machinery and transport equipment, chemicals, food
Imports - partners
India 19.8%, China 13.9%, US 8.2%, Germany 4.6% (2011)
Reserves of foreign exchange and gold
$53.59 billion (31 December 2011 est.)
$42.79 billion (31 December 2010 est.)
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Debt - external
$158.7 billion (31 December 2011 est.)
$151.8 billion (31 December 2010 est.)
Stock of direct foreign investment - at home
$80.73 billion (31 December 2011 est.)
$74.13 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$55.93 billion (31 December 2011 est.)
$53.43 billion (31 December 2010 est.)
Exchange rates
3.6725 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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