Economy of United Arab Emirates UAE

Economy of the United Arab Emirates

The economy of the United Arab Emirates is the second largest in the Arab world (after Saudi Arabia), with a gross domestic product (GDP) of $570 billion (AED2.1 trillion) in 2014. The United Arab Emirates has been successfully diversifying its economy.

Although UAE has the most diversified economy in the GCC, the UAE's economy remains extremely reliant on oil. With the exception of Dubai, most of the UAE is dependent on oil revenues. Petroleum and natural gas continue to play a central role in the economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on the oil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget.

UAE is now less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects.

External Trade

With imports totalling $273.5 billion in 2012, UAE passed Saudi Arabia as the largest consumer market in the region. Exports totalled $314 billion, which makes UAE the second largest exporter in the region.

GDP

The GDP for 2014 was $419 billion. This reflects the rich natural resources in the UAE, which has 10 percent of the total world supply of oil reserves and the world's fifth largest natural gas reserves.

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