Economy - overview The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Its wealth is based on oil and gas output (about 33% 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, oil and gas reserves should last for more than 100 years. The government has increased spending on job creation and infrastructure expansion and is opening up its utilities to greater private sector involvement.

GDP purchasing power parity - $51 billion (2001 est.)

GDP - real growth rate 5.6% (2001 est.)

GDP - per capita purchasing power parity - $21,100 (2001 est.)

GDP - composition by sector
agriculture: 3%
industry: 46%
services: 51% (2000 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 4.5% (2000 est.)

Labor force 1.6 million (2000 est.)
note: 73.9% of the population in the 15-64 age group is non-national (July 2002 est.)

Labor force - by occupation services 78%, industry 15%, agriculture 7% (2000 est.)

Unemployment rate NA%

Budget
revenues: $20 billion
expenditures: $22 billion, including capital expenditures of $NA (2000 est.)

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

Industrial production growth rate 4% (2000)

Electricity - production 38.7 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 35.991 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $47.6 billion (f.o.b., 2000 est.)

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

Exports - partners Japan 30%, India 7%, Singapore 6%, South Korea 4%, Oman, Iran (1999)

Imports $28.6 billion (f.o.b., 2000 est.)

Imports - commodities machinery and transport equipment, chemicals, food

Imports - partners Japan 9%, UK 8%, US 8%, Italy 6%, Germany, South Korea (1999)

Debt - external $12.6 billion (2001 est.)

Economic aid - donor $NA

Currency Emirati dirham (AED)

Currency code AED

Exchange rates Emirati dirhams per US dollar - central bank mid-point rate: 3.6725 (since 1997), 3.6710 (1995-96)

Fiscal year calendar year

NOTE: The information regarding United Arab Emirates on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Arab Emirates Economy 2002 information contained here. All suggestions for corrections of any errors about United Arab Emirates Economy 2002 should be addressed to the CIA.