An Overview of the Economy
Although actual statistics can vary depending on the financial
institution that released them, it is undeniable that the UAE has
one of the fastest growing economies in the world. According to the
Ministry of Finance and Industry, real GDP rose by 35% in 2006.
Traditionally, the UAE has relied on natural resources to support
its economy, and whilst crude oil makes up 45% of the country's
exports, moves are being made to try and diversify the economy. The
construction, manufacturing and services sectors are all
thriving thus helping to support the economy and turning attention
away from natural resources. The UAE has seen 25% capital
appreciation over the last year and developers and investors are
keen to cash in on that.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
167.3 |
| GDP (PPP) (CIA) (US$Billions) |
167.3 |
| GDP Growth (IMF) (%) |
7.4% |
| GDP Growth (CIA) (%) |
7.4% |
| GDP Per Capita (PPP) (IMF) (US$) |
37,293 |
| GDP Per Capita (PPP) (CIA) (US$) |
37,300 |
| GDP by Sector (%) |
Agriculture: 1.8%
Services: 38.9%
Industry: 59.3 |
| Inflation (%) |
11.0% |
| Population Below the Poverty Line
(%) |
19.5% |
| Labour Force (Millions) |
3.1 |
| Labour Force by Occupation (%) |
Agriculture: 7%
Services: 78%
Industry: 15% |
| Unemployment (%) |
2.4% |
| Main Industries |
Petroleum and petrochemicals, fishing,
aluminium, cement, fertilisers, commercial
ship repair, construction materials, boat
building, handicrafts, textiles. |
Sources: CIA World Factbook, IMF
GDP
According to the IMF, GDP grew 7.4% in 2007 and is predicted to
drop to 6.31% in 2008.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
104.7 |
116.4 |
135.0 |
151.8 |
167.3 |
| GDP Growth (%) |
2.4% |
5.2% |
5.7% |
8.8% |
7.4% |
| GDP Per Capita (US$) |
24,945 |
27,595 |
32,392 |
38,613 |
42,934 |
| GDP Per Capita (PPP) (US$) |
29,490 |
30,953 |
32,751 |
35,882 |
37,300 |
| Inflation (%) |
2.8% |
3.2% |
3.2% |
10.5% |
11.0% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
15.8 |
18.6 |
23.5 |
25.5 |
29.6 |
| Mobile Phone Users |
2,972,000 |
2,972,000 |
4,535,000 |
4,535,000 |
5,519,000 |
| Internet Users |
1,110,200 |
1,110,200 |
1,397,200 |
1,397,000 |
1,709,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
The UAE's major export is crude oil, along with other natural
resources, whilst manufactured goods, machinery and transport
equipment made up 80% of the country's imports in 2007. The UAE
benefits from a substantial trade surplus, which totalled around
$55 billion in 2007, according to the CIA.
major exports 2007
Crude oil, natural gas, re-exports, dried fish, dates.
major imports 2007
Machinery and transport equipment, chemicals, food.
| export partners |
% of total |
| Japan |
25.8% |
| South Korea |
9.6% |
| Thailand |
5.9% |
| India |
4.5% |
| import partners |
% of total |
| US |
11.5% |
| China |
11.0% |
| India |
9.8% |
| Germany |
6.2% |
| Japan |
5.8% |
| UK |
5.5% |
| France |
4.1% |
| Italy |
4.0% |
Source: CIA World Factbook
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