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United Arab Emirates Economy 2011
https://theodora.com/wfb2011/united_arab_emirates/united_arab_emirates_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















United Arab Emirates Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 13, 2011

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 UAE 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 slowed GDP growth in 2010. 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. The economy is expected to continue a slow rebound. 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):
$199.8 billion (2010 est.)
country comparison to the world: 53

$194.7 billion (2009 est.)
$200.1 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$239.7 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.6% (2010 est.)
country comparison to the world: 137

-2.7% (2009 est.)
7.4% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$40,200 (2010 est.)
country comparison to the world: 22

$40,600 (2009 est.)
$43,300 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 0.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 51.5%
[see also: GDP - composition by sector - industry country ranks ]
services: 47.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.908 million
country comparison to the world: 88
note: expatriates account for about 85% of the work force (2009 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 78% (2000 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.4% (2001)
country comparison to the world: 20
[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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
26.8% of GDP (2009 est.)
country comparison to the world: 33
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $65.02 billion
[see also: Budget - revenues country ranks ]
expenditures: $60.02 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
44.6% of GDP (2010 est.)
country comparison to the world: 61

48.9% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.2% (2010 est.)
country comparison to the world: 66

1.6% (2009 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:
$68.76 billion (31 December 2010 est)

$60.85 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$228.5 billion (31 December 2010 est.)

$201.6 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$290 billion (31 December 2010 est.)
country comparison to the world: 34

$263.6 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$109.6 billion (31 December 2009)
country comparison to the world: 37

$97.85 billion (31 December 2008)
$224.7 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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

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

Industrial production growth rate:
3.2% (2009 est.)
country comparison to the world: 100
[see also: Industrial production growth rate country ranks ]

Electricity - production:
71.54 billion kWh (2007 est.)
country comparison to the world: 39
[see also: Electricity - production country ranks ]

Electricity - consumption:
65.98 billion kWh (2007 est.)
country comparison to the world: 39
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
2.798 million bbl/day (2009 est.)
country comparison to the world: 8
[see also: Oil - production country ranks ]

Oil - consumption:
435,000 bbl/day (2009 est.)
country comparison to the world: 32
[see also: Oil - consumption country ranks ]

Oil - exports:
2.7 million bbl/day (2007 est.)
country comparison to the world: 3
[see also: Oil - exports country ranks ]

Oil - imports:
192,900 bbl/day (2007 est.)
country comparison to the world: 48
[see also: Oil - imports country ranks ]

Oil - proved reserves:
97.8 billion bbl (1 January 2010 est.)
country comparison to the world: 6
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
50.24 billion cu m (2008 est.)
country comparison to the world: 18
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
59.42 billion cu m (2008 est.)
country comparison to the world: 13
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
7.567 billion cu m (2008 est.)
country comparison to the world: 24
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
16.75 billion cu m (2008 est.)
country comparison to the world: 15
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
6.071 trillion cu m (1 January 2010 est.)
country comparison to the world: 7
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$3.409 billion (2010 est.)
country comparison to the world: 35

$7.871 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$195.8 billion (2010 est.)
country comparison to the world: 24

$192.2 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Japan 17.27%, South Korea 10.49%, India 9.96%, Iran 6.82%, Thailand 5.11% (2009)

Imports:
$159 billion (2010 est.)
country comparison to the world: 25

$150 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
China 15.03%, India 14.27%, US 8.44%, Germany 5.81%, Japan 4.52% (2009)

Reserves of foreign exchange and gold:
$39.1 billion (31 December 2010 est.)
country comparison to the world: 28

$36.1 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$122.7 billion (31 December 2010 est.)
country comparison to the world: 33

$122.5 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$76.38 billion (31 December 2010 est.)
country comparison to the world: 44

$70.18 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$54.91 billion (31 December 2010 est.)
country comparison to the world: 31

$51.41 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Emirati dirhams (AED) per US dollar - 3.673 (2010), 3.673 (2009), 3.6725 (2008), 3.6725 (2007), 3.6725 (2006)


NOTE: The information regarding United Arab Emirates on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Arab Emirates Economy 2011 information contained here. All suggestions for corrections of any errors about United Arab Emirates Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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