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UAE Economy

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Efforts for economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Despite possessing substantial petroleum reserves, the UAE has pursued free market, trade liberalizing policies to diversify its economy away from a dependence on fossil fuel. The visionary government has increased spending on infrastructure development and job creation and favorable atmosphere for improved private sector involvement.

UAE Free Trade Zones, offer 100% foreign ownership and zero taxes help in attract foreign investors.

It is the thirtieth-largest economy at market exchange rates.

UAE has a relatively high Human Development Index among Asian continent, ranking thirtieth globally. UAE is ranked as the 2nd best nation in the Middle East And Africa for doing business based on its economy and regulatory environment, for Doing Business Report by The World Bank Group (The rankings benchmarked to June 2012).

The UAE has an open economy with one of the highest per capita incomes in the world and a sizable annual trade surplus. In 2009, its GDP, as measured by purchasing power parity, stood at US$ 400.4 billion. The GDP per capita is currently the third in the world and the 17th in the world as measured by the International Monetary Fund.

According to Central Intelligence Agency, USA - Economic Indicators
  • GDP - real growth rate: 5.2% (2011 est.)
  • GDP - per capita (PPP): $47,700 (2011 est.)
    Note: data are in 2011 US dollars
  • GDP - composition by sector:
    agriculture: 0.8%
    industry: 59.1%
    services: 40.1% (2011 est.)
  • Labor force: 4.111 million
    Note: expatriates account for about 85% of the work force (2011 est.)
  • Labor force - by occupation:
    agriculture: 7%
    industry: 15%
    services: 78% (2000 est.)
  • Unemployment rate: 2.4% (2001)
  • Population below poverty line: 19.5% (2003)
  • Budget:
    revenues: $119.8 billion
    expenditures: $109.3 billion (2011 est.)
  • Budget surplus (+) or deficit (-): 3.1% of GDP (2011 est.)
  • Agriculture - products: dates, vegetables, watermelons; poultry, eggs, dairy products; fish
  • Industries: petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles
  • Industrial production growth rate: 3.2% (2010 est.)
  • Exports: $281.6 billion (2011 est.)
  • Exports - commodities: crude oil 45%, natural gas, reexports, dried fish, dates
  • Exports - partners: Japan 16.2%, India 13.5%, Iran 10.9%, South Korea 5.6%, Thailand 5.5%, Singapore 4.4% (2011) Imports: $202.1 billion (2011 est.)
  • Imports - commodities: machinery and transport equipment, chemicals, food
  • Imports - partners: India 19.8%, China 13.7%, US 8.1%, Germany 4.6% (2011)
  • Exchange rates: Emirati dirhams (AED) per US dollar - 3.6725 (2011 est.)

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