Overview: The UAE has one of the world's higher levels of income per capita. This wealth is based on oil and gas, and the fortunes of the economy fluctuate with the prices of those commodities. Since 1973, when petroleum prices shot up, 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.

GNP: $22.0 billion, per capita $11,900; real growth rate 3.0% (1987 est.)

Inflation rate (consumer prices): 5-6% (1987 est.)

Unemployment rate: NEGL (1987)

Budget: revenues $3.0 billion; expenditures $3.9 billion, including capital expenditures of $0.27 billion (1987)

Exports: $11.6 billion (f.o.b., 1988 est.); @m5commodities--crude oil 75%, natural gas, reexports, dried fish, dates; @m5partners--US, EC, Japan

Imports: $6.4 billion (f.o.b., 1988 est.); @m5commodities--food, consumer and capital goods; @m5partners--EC, Japan, US

External debt: $9.3 billion (December 1988)

Industrial production: growth rate - 9.3% (1986)

Electricity: 5,520,000 kW capacity; 14,503 million kWh produced, 7,320 kWh per capita (1988)

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

Agriculture: some dates, alfalfa, vegetables, fruit, tobacco; most food imported;

Aid: NA

Currency: Emirian dirham (plural--dirhams); 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 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Arab Emirates Economy 1989 information contained here. All suggestions for corrections of any errors about United Arab Emirates Economy 1989 should be addressed to the CIA.