1.1 Key Economic Indicators of UAE
|Country Name||United Arab Emirates (UAE)|
|Location||Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia|
|Population||5,628,805 (July 2014 est.)|
|Ethnic Groups||Emirati 19%, other Arab and Iranian 23%, South Asian 50%, other expatriates (includes Westerners and East Asians) 8%|
|GDP||$399.4 billion (2014 est.)|
|GDP Growth||4.6 % (2014 est.)|
|GDP Per Capita (PPP)||$66,300 (2014 est.)|
|GDP – Sectorial Composition||Agriculture: 0.7%
Services: 44.3% (2014 est.)
|Main Agriculture||Dates, Vegetables, Watermelons; Poultry, Eggs, Dairy Products, Fish|
|Main Industries||Petroleum and petrochemicals, Fishing, Aluminum, Cement, Fertilizers, Commercial ship repair, Construction materials, Some boat building, Handicrafts, Textiles|
1.2 Economic Overview
- The UAE has an open economy with a high per capita income and a sizable annual trade surplus.
- Since the discovery of oil in the UAE more than 30 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.
- In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward.
- The country’s Free Trade Zones – offering 100% foreign ownership and zero taxes – are helping to attract foreign investors.
1.3 External Sector
|Exports||$370.6 billion (2014 est.)||Imports||$239.8 billion (2014 est.)|
|Export goods||Crude Oil 45%, Natural Gas, Re Exports, Dried Fish, Dates||Import goods||Machinery and Transport Equipment, Chemicals, Food|
|Main export partners||Japan 14.8%, Iran 11.4%, India 9.6%, South Korea 5.7%, China 5.5%, Singapore 5.4%, Thailand 4.5% (2014)||Main import partners||China 15.7%, India 13.4%, US 8.9%, Germany 5.3% (2014)|
Source: CIA World factbook