United Arab Emirates Economy, GDP, Budget, Industry and Agriculture


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United Arab Emirates Economy

View the information below regarding the economy of United Arab Emirates. The summary and statistics contains gdp, industry, agriculture and more for United Arab Emirates. If you need other information please visit the United Arab Emirates Country Page.

  • United Arab Emirates Government
  • United Arab Emirates People
  • United Arab Emirates Geography
  • United Arab Emirates History

    GDP (2002): $71 billion.
    Annual growth rate: 1.8%.
    Per capita GDP (2002): $18,600.
    Inflation rate (2002 est.): 2.9%.
    Natural resources: Oil and natural gas.
    Agriculture (3% of 2001 GDP): Products--vegetables, dates, dairy products, poultry, fish.
    Petroleum: 27.7% of 2002 GDP.
    Other industry: 66% of 2002 GDP.
    Services (51% of 2000 GDP): Trade, government, real estate.
    Trade (2002 est.): Exports--$46 billion: petroleum, gas, and petroleum products. Major markets--Japan, India, Singapore. Imports--$34 billion: machinery, consumer goods, food. Major suppliers--western Europe, Japan, U.S. (8%).
    Foreign economic aid (1973 through 1989): In excess of $15 billion.

    Economy of United Arab Emirates
    Prior to the first exports of oil in 1962, the UAE economy was dominated by pearl production, fishing, agriculture, and herding. Since the rise of oil prices in 1973, however, petroleum has dominated the economy, accounting for most of its export earnings and providing significant opportunities for investment. The UAE has huge proven oil reserves, estimated at 98.2 billion barrels in 1998, with gas reserves estimated at 5.8 billion cubic meters; at present production rates, these supplies would last well over 150 years.

    In 2003, the UAE produced about 2.3 million barrels of oil per day--of which Abu Dhabi produced approximately 85%--with Dubai, and Sharjah to a much lesser extent, producing the rest.

    Major increases in imports occurred in manufactured goods, machinery, and transportation equipment, which together accounted for 70% of total imports. Another important foreign exchange earner, the Abu Dhabi investment authority--which controls the investments of Abu Dhabi, the wealthiest emirate--manages an estimated $150 billion in overseas investments.

    More than 200 factories operate at the Jebel Ali complex in Dubai, which includes a deep-water port and a free trade zone for manufacturing and distribution in which all goods for re-export or transshipment enjoy a 100% duty exemption. A major power plant with associated water desalination units, an aluminum smelter, and a steel fabrication unit are prominent facilities in the complex.

    Except in the free trade zone, the UAE requires at least 51% local citizen ownership in all businesses operating in the country as part of its attempt to place Emiratis into leadership positions.

    As a member of the Gulf Cooperation Council (GCC), the UAE participates in the wide range of GCC activities that focus on economic issues. These include regular consultations and development of common policies covering trade, investment, banking and finance, transportation, telecommunications, and other technical areas, including protection of intellectual property rights.

    source: http://www.state.gov

  • United Arab Emirates Government
  • United Arab Emirates People
  • United Arab Emirates Geography
  • United Arab Emirates History