Overview: The UAE has an open economy with one of the world's highest incomes per capita and with a sizable annual trade surplus. Its wealth is based on oil and gas output (about 40% 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, crude oil reserves should last for over 100 years. Although much stronger economically than most Gulf states, the UAE faces similar problems with weak international oil prices and the pressures for cuts in OPEC oil production quotas. The UAE government is encouraging increased privatization within the economy.

National product: GDP - purchasing power equivalent - $63.8 billion (1993 est.)

National product real growth rate: 1% (1993 est.)

National product per capita: $24,000 (1993 est.)

Inflation rate (consumer prices): 3.5% (1992 est.)

Unemployment rate: NEGL% (1988)

Budget:
revenues: $4.3 billion
expenditures: $4.8 billion, including capital expenditures of $NA (1993 est)

Exports: $22.6 billion (f.o.b., 1993 est.)
commodities: crude oil 66%, natural gas, re-exports, dried fish, dates
partners: Japan 39%, Singapore 5%, Korea 4%, Iran 4%, India 4% (1991)

Imports: $18 billion (f.o.b., 1993 est.)
commodities: manufactured goods, machinery and transport equipment, food
partners: Japan 14%, UK 9%, US 8%, Germany 6% (1992)

External debt: $11 billion (1993 est.)

Industrial production: growth rate 1.7% (1992 est.); accounts for 50% of GDP, including petroleum

Electricity:
capacity: 6,090,000 kW
production: 17.85 billion kWh
consumption per capita: 6,718 kWh (1992)

Industries: petroleum, fishing, petrochemicals, construction materials, some boat building, handicrafts, pearling

Agriculture: accounts for 2% of GDP and 5% of labor force; cash crop - dates; food products - vegetables, watermelons, poultry, eggs, dairy, fish; only 25% self-sufficient in food

Illicit drugs: growing role as heroin transshipment and money-laundering center

Economic aid:
donor: pledged in bilateral aid to less developed countries (1979-89) $9.1 billion

Currency: 1 Emirian dirham (Dh) = 100 fils
Exchange rates: Emirian dirhams (Dh) per US$1 - 3.6710 (fixed rate)

Fiscal year: calendar year

NOTE: The information regarding United Arab Emirates on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Arab Emirates Economy 1995 information contained here. All suggestions for corrections of any errors about United Arab Emirates Economy 1995 should be addressed to the CIA.