Economy in United Arab Emirates

Economy—overview: The UAE has an open economy with one of the world's highest per capita incomes and with 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 over 100 years. The UAE Government is encouraging increased privatization within the economy and industrial development is expected to pick up in 1997-98.

GDP: purchasing power parity—$54.2 billion (1997 est.)

GDP—real growth rate: 5% (1997 est.)

GDP—per capita: purchasing power parity—$24 000 (1997 est.)

GDP—composition by sector:

agriculture: 3%

industry: 55%

services: 42% (1996 est.)

Inflation rate—consumer price index: 3.6% (1997 est.)

Labor force:

total: 1.05 million (1996 est.)

by occupation: services 65% industry and commerce 30% agriculture 5% (1996 est.)

note: 75% of the population in the 15-64 age group is non-national (July 1998 est.)

Unemployment rate: NA%

Budget:

revenues: $5.1 billion

expenditures: $5.4 billion including capital expenditures of $294 million (1997 est.)

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

Industrial production growth rate: 6.1% (1995 est.)

Electricity—capacity: 5.29 million kW (1995)

Electricity—production: 18 billion kWh (1995)

Electricity—consumption per capita: 6 155 kWh (1995)

Agriculture—products: dates vegetables watermelons; poultry eggs dairy products; fish

Exports:

total value: $33.2 billion (f.o.b. 1996 est.)

commodities: crude oil 66% natural gas reexports dried fish dates

partners: Japan 38% South Korea 7% Singapore 7% India 6% Oman 4% Iran 3% (1996)

Imports:

total value: $23.5 billion (f.o.b. 1996 est.)

commodities: manufactured goods machinery and transport equipment chemicals food

partners: US 10% Japan 9% UK 8% Italy 6% South Korea 6% India 6% (1996)

Debt—external: $14 billion (1996 est.)

Economic aid: $NA

Currency: 1 Emirian dirham (Dh) = 100 fils

Exchange rates: Emirian dirhams (Dh) per US$1—3.6710 (fixed rate)

Fiscal year: calendar year