United Arab Emirates Economy - 2024

Economic overview

historically oil-driven Middle Eastern economy; diversifying into a trade-oriented logistics and supply chain leader; strong foreign direct investment orientation; building trade and investment ties through partnership agreements; growing banking sector; recent economic linkages with Israel slowing due to Gaza conflict

Real GDP (purchasing power parity)

$707.3 billion (2022 est.)
$653.067 billion (2021 est.)
$628.455 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.92% (2021 est.)
-4.96% (2020 est.)
1.11% (2019 est.)

Real GDP per capita

$74,900 (2022 est.)
$69,700 (2021 est.) note: data are in 2017 dollars
$67,700 (2020 est.) note: data are in 2017 dollars

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.)

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

eggs, dates, cucumbers, camel milk, goat milk, tomatoes, goat meat, milk, poultry, camel meat

Industries

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

Industrial production growth rate

2.54% (2021 est.)

Labor force

6.074 million (2021 est.)

note: expatriates account for about 85% of the workforce

Unemployment rate

3.36% (2021 est.)
3.19% (2020 est.)
2.23% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 10.7% (2021 est.)

male: 7.9%

female: 19.9%

Population below poverty line

19.5% (2003 est.)

Gini Index coefficient - distribution of family income

26 (2018 est.)

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.)

Public debt

19.7% of GDP (2017 est.)
20.2% of GDP (2016 est.)

Taxes and other revenues

0.68% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$26.47 billion (2017 est.)
$13.23 billion (2016 est.)

Exports

$335.238 billion (2020 est.)
$308.5 billion (2017 est.)
$298.6 billion (2016 est.)

Exports - partners

India 13%, Japan 10%, China 8%, Saudi Arabia 7%, Iraq 5% (2022)

Exports - commodities

crude and refined petroleum, gold, broadcasting equipment, natural gas, diamonds (2022)

Imports

$246.886 billion (2020 est.)
$229.2 billion (2017 est.)
$226.5 billion (2016 est.)

Imports - partners

China 18%, India 10%, United States 6%, United Kingdom 4%, Saudi Arabia 3% (2022)

Imports - commodities

gold, broadcasting equipment, refined petroleum, diamonds, cars (2022)

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.)

Debt - external

$237.6 billion (31 December 2017 est.)
$218.7 billion (31 December 2016 est.)

Exchange rates

Emirati dirhams (AED) per US dollar -

Exchange rates:
3.673 (2021 est.)
3.673 (2020 est.)
3.673 (2019 est.)
3.673 (2018 est.)
3.673 (2017 est.)