Economy - overview:
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.Since the discovery of oil in the UAE nearly 60 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$691.9 billion (2017 est.)
$682.8 billion (2016 est.)
$662.7 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 33
$378.7 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
1.3% (2017 est.)
3% (2016 est.)
3.8% (2015 est.)
country comparison to the world: 182
[see also: GDP - real growth rate country ranks ]
$68,200 (2017 est.)
$69,300 (2016 est.)
$69,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 14
24.8% of GDP (2017 est.)
27.5% of GDP (2016 est.)
29.7% of GDP (2015 est.)
country comparison to the world: 53
[see also: Gross national saving country ranks ]
household consumption: 50.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 94.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -79.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 0.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 49.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
dates, vegetables, watermelons; poultry, eggs, dairy products; fish
petroleum and petrochemicals; fishing, aluminum, cement, fertilizer, commercial ship repair, construction materials, handicrafts, textiles
-0.1% (2017 est.)
country comparison to the world: 188
[see also: Industrial production growth rate country ranks ]
5.344 million
note: expatriates account for about 85% of the workforce (2017 est.)
country comparison to the world: 78
[see also: Labor force country ranks ]
agriculture: 7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 78% (2000 est.)
[see also: Labor force - by occupation - services country ranks ]
3.6% (2014 est.)
2.4% (2001 est.)
country comparison to the world: 39
[see also: Unemployment rate country ranks ]
19.5% (2003 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
revenues: $83.44 billion
[see also: Budget - revenues country ranks ]
expenditures: $112.4 billion
[see also: Budget - expenditures country ranks ]
note: the UAE federal budget does not account for emirate-level spending in Abu Dhabi and Dubai (2017 est.)
22% of GDP (2017 est.)
country comparison to the world: 136
[see also: Taxes and other revenues country ranks ]
-7.6% of GDP (2017 est.)
country comparison to the world: 195
[see also: Budget surplus (+) or deficit (-) country ranks ]
60.3% of GDP (2017 est.)
62.7% of GDP (2016 est.)
country comparison to the world: 72
[see also: Public debt country ranks ]
calendar year
2.1% (2017 est.)
1.8% (2016 est.)
country comparison to the world: 99
[see also: Inflation rate (consumer prices) country ranks ]
NA%
[see also: Central bank discount rate country ranks ]
$134.8 billion (31 December 2017 est.)
$129 billion (31 December 2016 est.)
country comparison to the world: 31
[see also: Stock of narrow money country ranks ]
$355.8 billion (31 December 2017 est.)
$333.6 billion (31 December 2016 est.)
country comparison to the world: 32
[see also: Stock of broad money country ranks ]
$412.5 billion (31 December 2017 est.)
$389.9 billion (31 December 2016 est.)
country comparison to the world: 32
[see also: Stock of domestic credit country ranks ]
$195.9 billion (31 December 2015 est.)
$201.6 billion (31 December 2014 est.)
$180.3 billion (31 December 2013 est.)
country comparison to the world: 33
[see also: Market value of publicly traded shares country ranks ]
$7.878 billion (2017 est.)
$8.412 billion (2016 est.)
country comparison to the world: 23
[see also: Current account balance country ranks ]
$314.7 billion (2017 est.)
$298.6 billion (2016 est.)
country comparison to the world: 18
[see also: Exports country ranks ]
crude oil 45%, natural gas, reexports, dried fish, dates (2012 est.)
India 9.9%, Iran 8.9%, Japan 8.8%, Switzerland 8.5%, Oman 5.4%, China 5.1% (2016)
$241.3 billion (2017 est.)
$230.3 billion (2016 est.)
country comparison to the world: 20
[see also: Imports country ranks ]
machinery and transport equipment, chemicals, food
China 7.4%, US 6.9%, India 6.8%, Germany 4.4% (2016)
$89.79 billion (31 December 2017 est.)
$85.39 billion (31 December 2016 est.)
country comparison to the world: 28
[see also: Reserves of foreign exchange and gold country ranks ]
$239.7 billion (31 December 2017 est.)
$218.7 billion (31 December 2016 est.)
country comparison to the world: 34
[see also: Debt - external country ranks ]
$144.3 billion (31 December 2017 est.)
$134.8 billion (31 December 2016 est.)
country comparison to the world: 38
[see also: Stock of direct foreign investment - at home country ranks ]
$124.9 billion (31 December 2017 est.)
$114.6 billion (31 December 2016 est.)
country comparison to the world: 33
[see also: Stock of direct foreign investment - abroad country ranks ]
Emirati dirhams (AED) per US dollar -
3.673 (2017 est.)
3.673 (2016 est.)
3.673 (2015 est.)
3.673 (2014 est.)
3.673 (2013 est.)