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.jpg) Dubai, the financial center of the United Arab Emirates | |
| Currency | Emirati dirham (AED, د.إ) |
|---|---|
| US$1 = 3.6725 AED | |
| Calendar year | |
Trade organisations | OPEC, WTO, GCC, BRICS |
Country group |
|
| Statistics | |
| Population |  9,441,129 (2022)[4] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
 1.62% (2023 est.)[1] | |
Population below poverty line | N/A |
| 26.0 low (2018)[6] | |
| |
Labour force | |
Labour force by occupation |
|
| Unemployment |  3.36% (2021)[10] |
Main industries | |
| External | |
| Exports |  $306.41 billion (2020 est.)[5] |
Export goods | Crude oil, refined petroleum, gold, reexports, telecommunications equipment, diamonds, petroleum gas, jewellery, aluminium (2021)[11] |
Main export partners | |
| Imports | $229.2 billion (2017 est.)[5] |
Import goods | Gold, food, machinery, transport vehicles and parts, refined petroleum, natural gas, diamonds, jewellery, refined copper (2021)[11] |
Main import partners |
|
FDI stock | |
| $26.47 billion (2017 est.)[5] | |
Gross external debt | $237.6 billion (2017 est.)[5] |
| Public finances | |
| 38.33% of GDP (2020 est.)[5] | |
| −0.2% (of GDP) (2017 est.)[5] | |
| Revenues | 15.79 billion (2021 est.)[5] |
| Expenses | 16.6 billion (2021 est.)[5][note 1] |
| Standard & Poor's: AA[13] Outlook: Stable Moody's: Aa2 Outlook: Stable Fitch: AA Outlook: Stable | |
| $95.37 billion (2017 est.)[5] | |
All values, unless otherwise stated, are in US dollars. | |
The United Arab Emirates is a high-income developing market economy. The UAE's economy is the 4th largest in the Middle East (after Turkey, Saudi Arabia and Israel), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021-2023.[1]
The UAE economy is heavily reliant on revenues from petroleum and natural gas, especially in Abu Dhabi. In 2009, more than 85% of the UAE's economy was based on the oil exports.[14][15] In 2011, oil exports accounted for 77% of the UAE's state budget.[16] In recent years, there has been some economic diversification,[17] particularly in Dubai.[clarification needed] Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification. Dubai has far smaller oil reserves than its counterparts.[18]
Tourism is one of the biggest non-oil sources of revenue in the UAE. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the country to diversify its economy. Nationwide, there is currently US$350 billion worth of active construction projects.[19]
The UAE is a member of the World Trade Organization and OPEC.
Economic overview
UAE has the second-largest economy in the Arab world (after Saudi Arabia),[20] with a gross domestic product (GDP) of US$414 billion (AED 1.52 trillion) in 2018.[21] A third of the GDP is from oil revenues.[20] The economy was expected to grow 4–4.5% in 2013, compared to 2.3–3.5% over the previous five years. Since independence in 1971, UAE's economy has grown by nearly 231 times to AED1.45 trillion in 2013. The non-oil trade has grown to AED1.2 trillion, a growth of around 28 times from 1981 to 2012.[20]
The UAE's economy is one of the most open worldwide, and its economic history goes back to the times when ships sailed to India, along the Swahili coast, as far south as Mozambique.[22]
International Monetary Fund (IMF) expected UAE's economic growth to increase to 4.5% in 2015, compared to 4.3% in 2014. The IMF ascribed UAE's potentially strong economic growth in World Economic Outlook Report to the increased contribution of non-petroleum sectors, which registered a growth average of more than 6% in 2014 and 2015. Such contribution includes banking, tourism, commerce and real estate. Increase of Emirati purchasing power and governmental expenditures in infrastructure projects have considerably increased.
Internationally, UAE is ranked among the top 20 for global service business, according to AT Kearney, the top 30 on the WEF "most-networked countries" and in the top quarter as a least corrupt country per the TI's corruption index.[23]
The government of the United Arab Emirates announced a broad restructuring and merger of more than 50% of its federal agencies, including ministries and departments, in an attempt to deal with and recover from the economic shocks following months-long coronavirus lockdown.[24]
Historical background
Before independence from the United Kingdom and unification in 1971, each emirate was responsible for its own economy. At the time, pearl diving, seafaring and fishing were together the mainstay of the economy, until the development of Japanese cultured pearls and the discovery of commercial quantities of oil.[25] Previous UAE President Zayed Bin Sultan Al Nahyan is credited with bringing the country forward into the 20th century and using the revenue from oil exports to fund all the necessary development. Likewise, former UAE vice-president Rashid bin Saeed Al Maktoum had a bold vision for the Emirate of Dubai and foresaw the future in not petroleum alone, but also other industries.[26]
In the 1980s Dubai's diversification centred around trade and the creation of shipping and logistics centres, notably Port Rashid and the port and Free Zone of Jebel Ali as well as Dubai International Airport,[27] leading to a number of major global plays in shipping, transportation and logistics (DP World, Emirates, DNATA).
Recent history
The emergence of Dubai's lively real estate market was briefly checked by the global financial crisis of 2007–8, when Dubai was bailed out by Abu Dhabi.[28] The recovery from the overheated market led to tighter regulation and oversight and a more realistic market for real estate throughout the UAE with many 'on hold' projects restarting. Although the market continues to expand, current market conditions for developers have been characterised as 'tough'.[29]
As a result of COVID-19 pandemic, the UAE’s economy shrank by 6.1% in 2020.[30] The country’s account balance dropped to six per cent of GDP in 2020 from 8.5 per cent in 2019 due to the underperformance of both hydrocarbon and non-hydrocarbon exports mitigated by lower imports.[31]
In late 2021, the authority announced that UAE’s banking assets are expected to grow by between 8 per cent and 10 per cent in 2022 as the second-biggest Arab economy continues to recover from the covid-19 pandemic.[32] It was also announced the UAE’s economy might grow at a faster than projected rate, reaching 4.6% in 2022.[33]
Data
The following table shows the main economic indicators in 1980–2024 (with IMF estimates between 2022-2028).[34]
| Year | GDP
(Bil. US$ nomina) |
GDP per capita
(US$ nominal) |
GDP
(Bil. US$, PPP) |
GDP per capita
(US$, PPP) |
GDP growth
(real) |
Inflation rate | Government debt
(% of GDP) |
|---|---|---|---|---|---|---|---|
| 1980 | 41.7 | 41,312 | 89.3 | 88,437 | -1.8% | 10.1% | n/a |
| 1985 |  38.5
|
27,913
|
111.5
|
80,817
|
-2.5%
|
3.5%
|
n/a |
| 1990 | 50.7
|
27,485
|
154.1
|
83,542
|
23.6%
|
0.6%
|
n/a |
| 1995 | 63.4
|
26,309
|
210.5
|
87,310
|
6.6%
|
4.3%
|
n/a |
| 2000 | 103.0
|
34,386
|
307.9
|
102,795
|
12.3%
|
1.3%
|
3.1% |
| 2005 | 180.6
|
43,984
|
448.3
|
109,162
|
4.9%
|
6.2%
|
4.5%
|
| 2006 | 222.1
|
44,314
|
507.5
|
101,258
|
9.8%
|
9.3%
|
5.1%
|
| 2007 | 257.9
|
41,467
|
537.9
|
86,492
|
3.2%
|
11.1%
|
8.9%
|
| 2008 | 315.5
|
39,073
|
565.8
|
70,075
|
 3.2%
|
12.3%
|
8.9%
|
| 2009 | 253.5
|
30,920
|
539.4
|
65,781
|
-5.2%
|
-4.7%
|
21.1%
|
| 2010 | 300.2
|
36,325
|
574.8
|
69,555
|
5.3%
|
0.9%
|
18.8%
|
| 2011 | 360.8
|
42,987
|
623.1
|
74,235
|
6.2%
|
0.9%
|
20.9%
|
| 2012 | 384.6
|
45,108
|
648.6
|
76,070
|
1.8%
|
0.7%
|
20.7%
|
| 2013 | 400.2
|
46,207
|
664.1
|
76,671
|
5.1%
|
1.1%
|
15.6%
|
| 2014 | 414.1
|
47,064
|
696.8
|
79,192
|
4.2%
|
2.3%
|
13.8%
|
| 2015 | 370.3
|
41,423
|
621.6
|
69,534
|
6.8%
|
4.1%
|
16.1%
|
| 2016 | 369.3
|
40,483
|
619.3
|
67,896
|
5.6%
|
1.6%
|
19.3%
|
| 2017 | 390.5
|
41,972
|
645.5
|
69,377
|
0.7%
|
2.0%
|
21.9%
|
| 2018 | 427.0
|
45,592
|
669.0
|
71,419
|
1.3%
|
3.1%
|
21.3%
|
| 2019 | 418.0
|
43,982
|
687.7
|
72,365
|
1.1%
|
-1.9%
|
26.8%
|
| 2020 | 349.5
|
37,649
|
662.3
|
71,347
|
-5.0%
|
-2.1%
|
41.1%
|
| 2021 | 415.2
|
43,439
|
722.8
|
75,624
|
4.4%
|
-0.1%
|
35.9%
|
| 2022 | 507.1
|
52,625
|
834.4
|
86,601
|
7.9%
|
4.8%
|
31.1%
|
| 2023e | 504.2
|
51,909
|
894.3
|
92,074
|
3.4%
|
1.6%
|
30.9%
|
| 2024e | 527.8
|
53,916
|
948.0
|
96,846
|
3.5%
|
2.1%
|
30.3%
|
| 2025f | 550.2
|
55,781
|
1005.0
|
101,885
|
4.2%
|
2.0% | Zdroj:https://en.wikipedia.org?pojem=Economic_history_of_the_United_Arab_Emirates