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ECONOMY
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Economy
- Overview:
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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. Industrial
development has picked up in 1997-98, but lower world oil prices
caused GDP to drop 5% in 1998. |
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GDP:
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purchasing
power parity$40 billion (1998 est.) |
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GDP
- Real Growth Rate:
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-5%
(1998 est.) |
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GDP
- Per Capita:
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purchasing
power parity$17,400 (1998 est.) |
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CGP
- Composition by Sector:
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agriculture:
3%
industry: 52%
services: 45% (1996 est.) |
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Population
Below Poverty Level:
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NA%
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Household
Income or Consumption by Percentage Share:
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lowest
10%: NA%
highest 10%: NA% |
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Inflation
Rate :
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5%
(1997 est.) |
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Labor
Force :
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1.3
million (1997 est.)
note: 75% of the population in the 15-64 age group is non-national
(July 1998 est.) |
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Labor
Force - by Occupation:
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services
60%, industry 32%, agriculture 8% (1996 est.) |
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Unemployment
Rate:
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NA%
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Budget:
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revenues:
$5.4 billion
expenditures: $5.8 billion, including capital expenditures
of $350 million (1998 budget est.) |
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Industries:
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petroleum,
fishing, petrochemicals, construction materials, some boat building,
handicrafts, pearling |
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Industrial
Production Growth Rate:
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0%
(1997 est.) |
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Electricity
- Production:
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18
billion kWh (1996) |
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Electricity
- Production by Source:
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fossil
fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996) |
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Electricity
- Consumption:
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18
billion kWh (1996) |
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Electricity
- Exports:
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0
kWh (1996) |
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Electricity
- Imports:
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0
kWh (1996) |
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Agriculture
- Products:
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dates,
vegetables, watermelons; poultry, eggs, dairy products; fish |
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Exports:
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$38
billion (f.o.b., 1997 est.) |
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Exports
- Commodities:
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crude
oil 45%, natural gas, reexports, dried fish, dates |
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Exports
- Partners:
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Japan
36%, South Korea 9%, Singapore 5%, India 5%, Oman 3% (1997) |
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Imports:
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$29.7
billion (f.o.b., 1997 est.) |
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Imports
-Commodities:
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manufactured goods, machinery and transport equipment, chemicals,
food |
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Imports
- Partners:
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US
9%, Japan 9%, UK 9%, Germany 6%, India 6% (1997) |
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Debt
- External:
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$14
billion (1996 est.) |
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Economic
Aid - Recipient:
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$NA
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Currency:
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1
Emirian dirham (Dh) = 100 fils |
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Exchange
Rates :
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Emirian
dirhams (Dh) per US$1central bank mid-point rate: 3.6725 (January
1999), 3.6725 (1998); fixed rate: 3.6710 (1994-1997) |
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Fiscal
Year :
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calendar
year |
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