Economy Of United Arab Emirates
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Economy overview
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The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Its wealth is based on oil and gas output (about 33% of GDP), and the fortunes of the economy fluctuate with the prices of those commodities. Since 1973, 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. At present levels of production, oil and gas reserves should last for more than 100 years. The government has increased spending on job creation and infrastructure expansion and is opening up its utilities to greater private sector involvement.
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GDP
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purchasing power parity - $57.7 billion (2004 est.)
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GDP - real growth rate
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5.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $23,200 (2004 est.)
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GDP - composition by sector
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agriculture: 4%
industry: 58.5%
services: 37.5% (2002 est.)
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Investment gross fixed
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22% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3.2% (2004 est.)
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Labor force
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2.16 million
note: 73.9% of the population in the 15-64 age group is non-national (2004 est.)
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Labor force by occupation
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agriculture 7%, industry 15%, services 78% (2000 est.)
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Unemployment rate
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2.4% (2001)
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Budget
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revenues: $17.35 billion
expenditures: $23.85 billion, including capital expenditures of $3.4 billion (2004 est.)
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Public debt
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18.1% of GDP (2004 est.)
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Agriculture products
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dates, vegetables, watermelons; poultry, eggs, dairy products; fish
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Industries
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petroleum, fishing, petrochemicals, construction materials, some boat building, handicrafts, pearling
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Industrial production growth rate
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4% (2000)
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Electricity production
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37.74 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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35.1 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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2.566 million bbl/day (2004 est.)
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Oil consumption
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310,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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80.31 billion bbl (2004)
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Natural gas production
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44.94 billion cu m (2001 est.)
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Natural gas consumption
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37.86 billion cu m (2001 est.)
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Natural gas exports
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7.08 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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5.892 trillion cu m (2004)
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Current account balance
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$12.47 billion (2004 est.)
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Exports
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$56.73 billion f.o.b. (2004 est.)
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Exports commodities
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crude oil 45%, natural gas, reexports, dried fish, dates
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Exports partners
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Japan 26.2%, South Korea 10.5%, Iran 3.8% (2003)
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Imports
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$37.16 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and transport equipment, chemicals, food
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Imports partners
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China 10%, Japan 7.2%, Germany 7.2%, US 7%, France 6.9%, UK 5.9%, Italy 4.4%, South Korea 4.4%, India 4.1% (2003)
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Reserves of foreign exchange gold
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$15.79 billion (2004 est.)
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Debt external
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$20.71 billion (2004 est.)
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Economic aid recipient
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Currency
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Emirati dirham (AED)
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Currency code
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AED
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Exchange rates
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Emirati dirhams per US dollar - 3.67 (2003), 3.6725 (2002), 3.6725 (2001), 3.6725 (2000), 3.6725 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Arabic Translation , English to Persian Translation , English Translation , English to Hindi Translation , English to Urdu Translation .
This information was reproduced in part from the CIA World Fact book.
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