Economy Of United Arab Emirates - United Arab Emirates Information

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Economy Of United Arab Emirates
United Arab Emirates Information - Country Guides

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 - $57.7 billion (2004 est.)
GDP - real growth rate	5.2% (2004 est.)
GDP - per capita	purchasing power parity - $23,200 (2004 est.)
GDP - composition by sector	agriculture: 4% industry: 58.5% services: 37.5% (2002 est.)
Investment gross fixed	22% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	3.2% (2004 est.)
Labor force	2.16 million note: 73.9% of the population in the 15-64 age group is non-national (2004 est.)
Labor force by occupation	agriculture 7%, industry 15%, services 78% (2000 est.)
Unemployment rate	2.4% (2001)
Budget	revenues: $17.35 billion expenditures: $23.85 billion, including capital expenditures of $3.4 billion (2004 est.)
Public debt	18.1% of GDP (2004 est.)
Agriculture products	dates, vegetables, watermelons; poultry, eggs, dairy products; fish
Industries	petroleum, fishing, petrochemicals, construction materials, some boat building, handicrafts, pearling
Industrial production growth rate	4% (2000)
Electricity production	37.74 billion kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	35.1 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	2.566 million bbl/day (2004 est.)
Oil consumption	310,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	80.31 billion bbl (2004)
Natural gas production	44.94 billion cu m (2001 est.)
Natural gas consumption	37.86 billion cu m (2001 est.)
Natural gas exports	7.08 billion cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	5.892 trillion cu m (2004)
Current account balance	$12.47 billion (2004 est.)
Exports	$56.73 billion f.o.b. (2004 est.)
Exports commodities	crude oil 45%, natural gas, reexports, dried fish, dates
Exports partners	Japan 26.2%, South Korea 10.5%, Iran 3.8% (2003)
Imports	$37.16 billion f.o.b. (2003 est.)
Imports commodities	machinery and transport equipment, chemicals, food
Imports partners	China 10%, Japan 7.2%, Germany 7.2%, US 7%, France 6.9%, UK 5.9%, Italy 4.4%, South Korea 4.4%, India 4.1% (2003)
Reserves of foreign exchange gold	$15.79 billion (2004 est.)
Debt external	$20.71 billion (2004 est.)
Economic aid recipient
Currency	Emirati dirham (AED)
Currency code	AED
Exchange rates	Emirati dirhams per US dollar - 3.67 (2003), 3.6725 (2002), 3.6725 (2001), 3.6725 (2000), 3.6725 (1999)
Fiscal year	calendar year

Emirati Flag Map Of United Arab Emirates

Economy Of United Arab EmiratesUnited Arab Emirates Information - Country Guides

Economy Of United Arab Emirates
United Arab Emirates Information - Country Guides