![]() Dubai, the financial center of the United Arab Emirates | |
Currency | Emirati dirham (AED, د.إ) |
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US$1 = 3.6725 AED | |
Calendar year | |
Trade organisations | OPEC, WTO, GCC, BRICS |
Country group |
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Statistics | |
Population | ![]() |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
![]() | |
Population below poverty line | N/A |
26.0 low (2018)[7] | |
| |
Labour force | |
Labour force by occupation |
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Unemployment | ![]() |
Main industries | |
External | |
Exports | ![]() |
Export goods | Crude oil, refined petroleum, gold, reexports, telecommunications equipment, diamonds, petroleum gas, jewellery, aluminium (2021)[12] |
Main export partners | |
Imports | ![]() |
Import goods | Gold, food, machinery, transport vehicles and parts, refined petroleum, natural gas, diamonds, jewellery, refined copper (2021)[12] |
Main import partners |
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FDI stock | |
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Gross external debt | ![]() |
Public finances | |
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−0.2% (of GDP) (2017 est.)[6] | |
Revenues | 15.79 billion (2021 est.)[6] |
Expenses | 16.6 billion (2021 est.)[6][note 1] |
Standard & Poor's: AA[14] Outlook: Stable Moody's: Aa2 Outlook: Stable Fitch: AA Outlook: Stable | |
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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.[5]
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.[15][16] In 2011, oil exports accounted for 77% of the UAE's state budget.[17] In recent years, there has been some economic diversification,[18] 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.[19]
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.[20]
The UAE is a member of the World Trade Organization and OPEC.
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