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World > Middle East > United Arab Emirates > Economy (Facts)

United Arab Emirates - Economy (Facts)
Economy - overview: 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, about 30% of GDP is still directly based on oil and gas output, and the fortunes of the economy fluctuate with the prices of those commodities. 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 its utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement (TIFA) with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement (FTA) with the US. Higher oil revenue, strong liquidity, and cheap credit in 2005-06 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 degrading the UAE's allure to foreign investors. Dependence on a large expatriate workforce and oil are significant long-term challenges to the UAE's economy.
GDP - real growth rate: 8.9% (2006 est.)
GDP (purchasing power parity): $129.5 billion (2006 est.)
GDP (official exchange rate): $164 billion (2006 est.)
GDP - per capita (PPP): $49,700 (2006 est.)
GDP - composition by sector: agriculture: 2.3%
industry: 61.9%
services: 35.8% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 10% (2006 est.)
Labor force: 2.968 million (2006 est.)
Labor force - by occupation: agriculture: 7%
industry: 15%
services: 78% (2000 est.)
Unemployment rate: 2.4% (2001)
Budget: revenues: $60.3 billion
expenditures: $35.2 billion; including capital expenditures of $5.9 billion (2006 est.)
Industries: petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles
Industrial production growth rate: 4% (2000)
Electricity - production: 49.52 billion kWh (2004)
Electricity - consumption: 46.05 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 2.54 million bbl/day (2006 est.)
Oil - consumption: 400,000 bbl/day (2004 est.)
Oil - exports: 2.54 million bbl/day (2004 est.)
Oil - imports: 137,200 bbl/day (2004)
Oil - proved reserves: 97.8 billion bbl (1 January 2005 est.)
Natural gas - production: 46.29 billion cu m (2004 est.)
Natural gas - exports: 7.18 billion cu m (2004 est.)
Natural gas - imports: 1.2 billion cu m (2004 est.)
Agriculture - products: dates, vegetables, watermelons; poultry, eggs, dairy products; fish
Exports: $137.1 billion f.o.b. (2006 est.)
Exports - commodities: crude oil 45%, natural gas, reexports, dried fish, dates
Exports - partners: Japan 25.9%, South Korea 10.3%, Thailand 5.9%, India 4.5% (2006)
Imports: $88.89 billion f.o.b. (2006 est.)
Imports - commodities: machinery and transport equipment, chemicals, food
Imports - partners: US 11.4%, China 11%, India 9.8%, Germany 6.2%, Japan 5.8%, UK 5.5%, France 4.1%, Italy 4% (2006)
Debt - external: $39.1 billion (2006 est.)
Currency: United Arab Emirates Dirham (AED)

Current United Arab Emirates Dirham Exchange Rates
Historical United Arab Emirates Dirham Exchange Rates
Chart United Arab Emirates Dirham Exchange Rates
Currency code: AED
Exchange rates: Emirati dirhams per US dollar - 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003), 3.6725 (2002)
note: officially pegged to the US dollar since February 2002
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - United Arab Emirates Dirham Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
United Arab Emirates Dirham Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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