unbekannter Gast

United Arab Emirates: Economy#

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 country 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. 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.

Economic Facts#

GDP (purchasing power parity)$269.8 billion (2013 est.)
$259.3 billion (2012 est.)
$248.5 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate4% (2013 est.)
4.4% (2012 est.)
3.9% (2011 est.)
GDP - per capita (PPP)$29,900 (2013 est.)
$29,600 (2012 est.)
$29,200 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 0.6%
industry: 61.1%
services: 38.2% (2013 est.)
Population below poverty line19.5% (2003)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 7%
industry: 15%
services: 78% (2000 est.)
Exports - commoditiescrude oil 45%, natural gas, reexports, dried fish, dates
Exports - partnersJapan 15.4%, India 13.4%, Iran 10.7%, Thailand 5.5%, Singapore 5.5%, South Korea 5.3% (2012)
Agriculture - productsdates, vegetables, watermelons; poultry, eggs, dairy products; fish
Budgetrevenues: $138 billion
expenditures: $118.3 billion (2013 est.)
Imports - commoditiesmachinery and transport equipment, chemicals, food
Imports - partnersIndia 17%, China 13.7%, US 10.5%, Germany 5.1%, Japan 4.2% (2012)
Exchange ratesEmirati dirhams (AED) per US dollar -
3.673 (2013 est.)
3.6725 (2012 est.)
3.6725 (2010 est.)
3.673 (2009)
3.6725 (2008)
Exports$368.9 billion (2013 est.)
$350.1 billion (2012 est.)
Debt - external$167.9 billion (31 December 2013 est.)
$162.3 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$249.6 billion (2013 est.)
$221.9 billion (2012 est.)
Industrial production growth rate3.3% (2013 est.)
Industriespetroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, handicrafts, textiles
Inflation rate (consumer prices)1.3% (2013 est.)
0.7% (2012 est.)
Labor force4.588 million
note: expatriates account for about 85% of the work force (2013 est.)
Unemployment rate2.4% (2001)
Public debt41.7% of GDP (2013 est.)
42.6% of GDP (2012 est.)
Current account balance$52.67 billion (2013 est.)
$66.56 billion (2012 est.)
Reserves of foreign exchange and gold$58.04 billion (31 December 2013 est.)
$47.04 billion (31 December 2012 est.)
GDP (official exchange rate)$390 billion (2013 est.)
Stock of direct foreign investment - at home$103 billion (31 December 2013 est.)
$92.96 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$61.96 billion (31 December 2013 est.)
$58.46 billion (31 December 2012 est.)
Market value of publicly traded shares$67.95 billion (31 December 2012 est.)
$71.33 billion (31 December 2011)
$77.08 billion (31 December 2010 est.)
Central bank discount rateNA%
Stock of domestic credit$308.1 billion (31 December 2013 est.)
$293.4 billion (31 December 2012 est.)
Stock of narrow moneyNA% (31 December 2013 est.)
$81.46 billion (31 December 2012 est.)
Stock of broad money$260.2 billion (31 December 2013 est.)
$234.8 billion (31 December 2012 est.)
Taxes and other revenues35.4% of GDP (2013 est.)
Budget surplus (+) or deficit (-)5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 51.9%
government consumption: 7%
investment in fixed capital: 23.1%
investment in inventories: 0.7%
exports of goods and services: 96%
imports of goods and services: -78.8%
(2013 est.)
Gross national saving36.8% of GDP (2013 est.)
40% of GDP (2012 est.)
37.6% of GDP (2011 est.)