United Arab Emirates Economy - 2023

Economic overview

historically oil-driven Middle Eastern economy; diversifying into a trade-oriented logistics and supply chain leader; weak domestic business growth; declining real estate sector; new Israeli technology trade improving resilience; key aid donor

Real GDP (purchasing power parity)

$653.067 billion (2021 est.)

$628.455 billion (2020 est.)

$661.233 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

3.92% (2021 est.)

-4.96% (2020 est.)

1.11% (2019 est.)

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Real GDP per capita

$69,700 (2021 est.) note: data are in 2017 dollars

$67,700 (2020 est.) note: data are in 2017 dollars

$71,800 (2019 est.)

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GDP (official exchange rate)

$421.077 billion (2019 est.)

Inflation rate (consumer prices)

-2.08% (2020 est.)

-1.93% (2019 est.)

3.07% (2018 est.)

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Credit ratings

Fitch rating: AA- (2020)

Moody's rating: Aa2 (2007)

Standard & Poors rating: AA (2007)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.9% (2017 est.)

industry: 49.8% (2017 est.)

services: 49.2% (2017 est.)

GDP - composition, by end use

household consumption: 34.9% (2017 est.)

government consumption: 12.3% (2017 est.)

investment in fixed capital: 23% (2017 est.)

investment in inventories: 1.8% (2017 est.)

exports of goods and services: 100.4% (2017 est.)

imports of goods and services: -72.4% (2017 est.)

Agricultural products

dates, cucumbers, tomatoes, goat meat, eggs, milk, poultry, carrots/turnips, goat milk, sheep milk

Industries

petroleum and petrochemicals; fishing, aluminum, cement, fertilizer, commercial ship repair, construction materials, handicrafts, textiles

Industrial production growth rate

2.54% (2021 est.)

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Labor force

6.074 million (2021 est.)

note: expatriates account for about 85% of the workforce

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Labor force - by occupation

agriculture: 7%

industry: 15%

services: 78% (2000 est.)

Unemployment rate

3.36% (2021 est.)

3.19% (2020 est.)

2.23% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 10.7%

male: 7.9%

female: 19.9% (2021 est.)

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Population below poverty line

19.5% (2003 est.)

Gini Index coefficient - distribution of family income

26 (2018 est.)

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Average household expenditures

on food: 13.7% of household expenditures (2018 est.)

on alcohol and tobacco: 0.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $129.741 billion (2019 est.)

expenditures: $127.262 billion (2019 est.)

note: the UAE federal budget does not account for emirate-level spending in Abu Dhabi and Dubai

Budget surplus (+) or deficit (-)

-0.2% (of GDP) (2017 est.)

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Public debt

19.7% of GDP (2017 est.)

20.2% of GDP (2016 est.)

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Taxes and other revenues

0.68% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

$26.47 billion (2017 est.)

$13.23 billion (2016 est.)

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Exports

$308.5 billion (2017 est.)

$298.6 billion (2016 est.)

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Exports - partners

India 11%, Japan 10%, Saudi Arabia 7%, Switzerland 6%, China 6%, Iraq 6% (2019)

Exports - commodities

crude petroleum, refined petroleum, gold, jewelry, broadcasting equipment (2019)

Imports

$229.2 billion (2017 est.)

$226.5 billion (2016 est.)

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Imports - partners

China 15%, India 12%, United States 7% (2019)

Imports - commodities

gold, broadcasting equipment, jewelry, refined petroleum, diamonds (2019)

Reserves of foreign exchange and gold

$131.117 billion (31 December 2021 est.)

$106.702 billion (31 December 2020 est.)

$108.359 billion (31 December 2019 est.)

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Debt - external

$237.6 billion (31 December 2017 est.)

$218.7 billion (31 December 2016 est.)

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Exchange rates

Emirati dirhams (AED) per US dollar -

3.673 (2021 est.)

3.673 (2020 est.)

3.673 (2019 est.)

3.673 (2018 est.)

3.673 (2017 est.)

NOTE: The information regarding United Arab Emirates on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of United Arab Emirates 2023 information contained here. All suggestions for corrections of any errors about United Arab Emirates 2023 should be addressed to the CIA or the source cited on each page.