Economy - overview The UAE has an open economy with one of the world's highest incomesper capita and with a sizable annual trade surplus. Its wealth is based onoil and gas output (about 33% of GDP), and the fortunes of the economy fluctuatewith the prices of those commodities. Since 1973, the UAE has undergone aprofound transformation from an impoverished region of small desert principalitiesto a modern state with a high standard of living. At present levels of production,crude oil reserves should last for over 100 years. The UAE Government is encouragingincreased privatization within the economy, and industrial development isexpected to pick up in 1997.

GDP purchasing power parity - $72.9 billion (1996 est.)

GDP - real growth rate 1.4% (1996 est.)

GDP - per capita purchasing power parity - $23,800 (1996 est.)

GDP - composition by sector
agriculture: 2%
industry: 43%
services : 55% (1994 est.)

Inflation rate - consumer price index 5.2% (1996 est.)

Labor force
total: 794,400 (1993 est.)
by occupation: industry and commerce 56%, services 38%, agriculture 6% (1990 est.)
note: 75.73% of the population in the 15-64 age group is non-national (July1997 est.)

Unemployment rate NA%

Budget
revenues: $5.1 billion
expenditures: $5.4 billion, including capital expenditures of $NA (1997 est.)

Industries petroleum, fishing, petrochemicals, construction materials, some boatbuilding, handicrafts, pearling

Industrial production growth rate NA%

Electricity - capacity 5.29 million kW (1994)

Electricity - production 17.74 billion kWh (1994)

Electricity - consumption per capita 5,724 kWh (1995 est.)

Agriculture - products dates, vegetables, watermelons; poultry, eggs, dairy products; fish

Exports
total value: $31.3 billion (f.o.b., 1996 est.)
commodities: crude oil 66%, natural gas, reexports, dried fish, dates
partners: Japan 38%, India 6%, South Korea 6%, Singapore 5%, Iran 4%, Oman 4%(1995)

Imports
total value: $22.3 billion (c.i.f., 1996 est.)
commodities: manufactured goods, machinery and transport equipment, food
partners : Japan 9%, US 8%, UK 8%, Italy 7%, Germany 7%, South Korea 5% (1995)

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

NOTE: The information regarding United Arab Emirates on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Arab Emirates Economy 1997 information contained here. All suggestions for corrections of any errors about United Arab Emirates Economy 1997 should be addressed to the CIA.