Abu Dhabi Economy :

Since the 1960s the UAE has progressed from a largely subsistence economy—mostly farming, fishing, and pearl harvesting—to a developed one that provides a very high standard of living. The main engine for the extraordinary growth and development of the economy has been the petroleum sector, although the non-oil trade has played a significant role and all the emirates have begun to diversify their economies. The 2004 gross domestic product (GDP) was $104.2 billion. The total workforce of the UAE was estimated at 2,577,952 in 2004, with 59 percent working in services. Out of that, more than 90 % of its workforce is made up of people from other countries.

Mining : The UAE is rich in both oil and natural gas. Proven reserves amount to approximately 100 billion barrels of oil and about 5.7 trillion cu m (about 200 trillion cu ft) of natural gas. At present rates of production—858 million barrels of oil per year—the UAE's oil will last for more than 100 years. Its gas will last for more than 200 years. These resources directly contribute about one-third of the country's GDP.

Manufacturing & Services : In addition to petrochemical production, other manufacturing has become important, with rapid growth in aluminum production, paint and clothes manufacturing, and food processing. There is a very active private commercial sector, and trading services and other businesses in Dubai are a major factor in the country's economy. Community and social services such as teaching and government employment are significant sources of jobs.

Tourism has grown rapidly in the country over past few decades; many Europeans and other foreigners are attracted by the mild winter weather, extensive beaches, areas of scenic and historic interest, and opportunities for shopping in the suqs (markets). Hotels and other tourist facilities are modern and equipped with all the latest amenities.

Agriculture : Agriculture and livestock raising make up only 3 percent of the GDP. These pursuits are important, however, because the UAE has achieved a significant level of self-sufficiency in several food categories, including vegetables, eggs, and dairy products. The country is a major producer of dates for both domestic consumption and export. Many of the farms are small, but since agriculture is supported by generous government subsidies it is no longer considered a subsistence activity.

Energy : Due to its vast petrochemical resources, the UAE obtains its electricity almost exclusively from oil- and gas-burning power plants. The UAE's plentiful fuel supply has made extensive desalination facilities and other energy-intensive activities possible

An Overview :

GDP (purchasing power parity):

$63.67 billion (2004 est.)

GDP - real growth rate:

5.7% (2004 est.)

GDP - per capita:

purchasing power parity - $25,200 (2004 est.)

GDP - composition by sector:

agriculture: 4%
industry: 58.5%

services: 37.5% (2002 est.)

Labor force:

2.36 million
note: 73.9% of the population in the 15-64 age group is non-national (2004 est.)

Labor force - by occupation:

agriculture 7%, industry 15%, services 78% (2000 est.)

Unemployment rate:

2.4% (2001)

Population below poverty line:

Household income or consumption by percentage share:

lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):

3.2% (2004 est.)

Investment (gross fixed):

20.8% of GDP (2004 est.)

Budget:

revenues: $23.68 billion
expenditures: $25.45 billion, including capital expenditures of $3.4 billion (2004 est.)

Public debt:

17.6% of GDP (2004 est.)

Agriculture - products:

dates, vegetables, watermelons; poultry, eggs, dairy products; fish

Industries:

petroleum, fishing, aluminum, cement, fertilizers, commercial ship repair, petrochemicals, construction materials, some boat building, handicrafts, textiles

Industrial production growth rate:

4% (2000)

Electricity - production:

45.12 billion kWh (2004)

Electricity - production by source:

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption:

36.51 billion kWh (2002)

Electricity - exports:

0 kWh (2004)

Electricity - imports:

0 kWh (2004)

Oil - production:

2.335 million bbl/day (2004 est.)

Oil - consumption:

310,000 bbl/day (2004 est.)

Oil - exports:

2.5 million bbl/day (2004 est.)

Oil - imports:

0 bbl/day (2004)

Oil - proved reserves:

97.8 billion bbl (2004 est.)

Natural gas - production

44.4 billion cu m (2003 est.)

Natural gas - consumption:

33.7 billion cu m (2003 est.)

Natural gas - exports:

7.19 billion cu m (2003 est.)

Natural gas - imports:

0 cu m (2003 est.)

Natural gas - proved reserves:

6.06 trillion cu m (2004)

Current account balance:

$6.3 billion (2004 est.)

Exports:

$69.48 billion f.o.b. (2004 est.)

Exports - commodities:

crude oil 45%, natural gas, reexports, dried fish, dates

Exports - partners:

Japan 24.9%, South Korea 9.9%, India 5.4%, Thailand 5.2% (2004)

Imports:

$45.66 billion f.o.b. (2004 est.)

Imports - commodities:

machinery and transport equipment, chemicals, food

Imports - partners:

China 10%, India 9.8%, Japan 6.8%, Germany 6.5%, UK 6.2%, France 6.1%, US 6% (2004)

Reserves of foreign exchange and gold:

$18.64 billion (2004 est.)

Debt - external:

$5.9 billion (2004 est.)

Economic aid - donor:

since its founding in 1971, the Abu Dhabi Fund for Development has given about $5.2 billion in aid to 56 countries (2004)

Currency (code):

Emirati dirham (AED)

Currency code:

AED

Exchange rates:

Emirati dirhams per US dollar - 3.6725 (2004), 3.6725 (2003), 3.6725 (2002), 3.6725 (2001), 3.6725 (2000)
note: officially pegged to the US dollar since February 2002

Fiscal year:

calendar year

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