Page last updated on June 23, 2014

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 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.

GDP (purchasing power parity):
$269.8 billion (2013 est.)
country comparison to the world: 50
$259.3 billion (2012 est.)
$248.5 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$390 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2013 est.)
country comparison to the world: 81
4.4% (2012 est.)
3.9% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$29,900 (2013 est.)
country comparison to the world: 48
$29,600 (2012 est.)
$29,200 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
36.8% of GDP (2013 est.)
country comparison to the world: 14
40% of GDP (2012 est.)
37.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household 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.)

GDP - composition, by sector of origin:
agriculture: 0.6%
industry: 61.1%
services: 38.2% (2013 est.)

Agriculture - products:
dates, vegetables, watermelons; poultry, eggs, dairy products; fish

Industries:
petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, handicrafts, textiles

Industrial production growth rate:
3.3% (2013 est.)
country comparison to the world: 89
[see also: Industrial production growth rate country ranks ]

Labor force:
4.588 million
country comparison to the world: 84
note: expatriates account for about 85% of the work force (2013 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7%
industry: 15%
services: 78% (2000 est.)

Unemployment rate:
2.4% (2001)
country comparison to the world: 19
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.5% (2003)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $138 billion
expenditures: $118.3 billion (2013 est.)

Taxes and other revenues:
35.4% of GDP (2013 est.)
country comparison to the world: 64
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
5% of GDP (2013 est.)
country comparison to the world: 9
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41.7% of GDP (2013 est.)
country comparison to the world: 84
42.6% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.3% (2013 est.)
country comparison to the world: 35
0.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Stock of narrow money:
NA% (31 December 2013 est.)
$81.46 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$260.2 billion (31 December 2013 est.)
country comparison to the world: 33
$234.8 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$308.1 billion (31 December 2013 est.)
country comparison to the world: 35
$293.4 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$67.95 billion (31 December 2012 est.)
country comparison to the world: 42
$71.33 billion (31 December 2011)
$77.08 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$52.67 billion (2013 est.)
country comparison to the world: 13
$66.56 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$368.9 billion (2013 est.)
country comparison to the world: 18
$350.1 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil 45%, natural gas, reexports, dried fish, dates

Exports - partners:
Japan 15.4%, India 13.4%, Iran 10.7%, Thailand 5.5%, Singapore 5.5%, South Korea 5.3% (2012)

Imports:
$249.6 billion (2013 est.)
country comparison to the world: 20
$221.9 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, chemicals, food

Imports - partners:
India 17%, China 13.7%, US 10.5%, Germany 5.1%, Japan 4.2% (2012)

Reserves of foreign exchange and gold:
$58.04 billion (31 December 2013 est.)
country comparison to the world: 34
$47.04 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$167.9 billion (31 December 2013 est.)
country comparison to the world: 35
$162.3 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$103 billion (31 December 2013 est.)
country comparison to the world: 41
$92.96 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$61.96 billion (31 December 2013 est.)
country comparison to the world: 35
$58.46 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Emirati dirhams (AED) per US dollar -
3.673 (2013 est.)
3.6725 (2012 est.)
3.6725 (2010 est.)
3.673 (2009)
3.6725 (2008)