United Arab Emirates - Economy
How is the economy of United Arab Emirates? Based on the information we have, United Arab Emirates has a historically oil-driven Middle Eastern economy; diversifying into a trade-oriented logistics and supply chain leader; strong foreign direct investment orientation; building trade and investment ties through partnership agreements; growing banking sector; recent economic linkages with Israel slowing due to Gaza conflict. Key agricultural products in this country include: dates, cucumbers/gherkins, camel milk, goat milk, tomatoes, eggs, goat meat, milk, chicken, camel meat (2022).
More about the economy of United Arab Emirates
Labor force 6.668 million (2023 est.)
Industrial production growth rate 8.49% (2022 est.)
Industries petroleum and petrochemicals; fishing, aluminum, cement, fertilizer, commercial ship repair, construction materials, handicrafts, textiles
Population below poverty line
Taxes and other revenues 0.57% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Emirati dirhams (AED) per US dollar -
Exchange rates 2023 3.673 (2023 est.)
Exchange rates 2022 3.673 (2022 est.)
Exchange rates 2021 3.673 (2021 est.)
Exchange rates 2020 3.673 (2020 est.)
Exchange rates 2019 3.673 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $189.491 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $138.433 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $131.117 billion (2021 est.)
Current account balance
Current account balance 2017 $26.47 billion (2017 est.)
Current account balance 2016 $13.23 billion (2016 est.)
Public debt
Public debt 2017 19.7% of GDP (2017 est.)
Budget
Revenues $20.165 billion (2022 est.)
Expenditures $19.483 billion (2022 est.)
Budget surplus (+) or deficit (-)
Household income
Lowest 10% 4% (2018 est.)
Highest 10% 20% (2018 est.)
Average household expenditures
On food 13.5% of household expenditures (2022 est.)
On alcohol and tobacco 0.4% of household expenditures (2022 est.)
Imports
Imports 2020 $246.886 billion (2020 est.)
Imports 2019 $295.6 billion (2019 est.)
Imports 2018 $281.536 billion (2018 est.)
Imports (partners) China 18%, India 10%, US 6%, UK 4%, Saudi Arabia 3% (2022)
Comodities Imports force gold, broadcasting equipment, refined petroleum, diamonds, cars (2022)
Exports
Imports 2020 $246.886 billion (2020 est.)
Imports 2019 $295.6 billion (2019 est.)
Imports 2018 $281.536 billion (2018 est.)
Exports (partners) India 13%, Japan 10%, China 8%, Saudi Arabia 7%, Iraq 5% (2022)
Comodities Exports force crude petroleum, refined petroleum, gold, broadcasting equipment, natural gas (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $719.733 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $696.041 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $645.376 billion (2021 est.)
GDP (official exchange rate) $504.173 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $75,600 (2023 est.)
Real GDP per capita 2022 $73,700 (2022 est.)
Real GDP per capita 2021 $68,900 (2021 est.)
GDP - composition, by sector of origin
Agriculture 0.8% (2022 est.)
Industry 51.5% (2022 est.)
Services 47.7% (2022 est.)
GDP - composition, by end use
Household consumption 40.2% (2020 est.)
Government consumption 14.5% (2020 est.)
Investment in fixed capital 20.2% (2020 est.)
Investment in inventories 2.6% (2020 est.)
Exports of goods and services 95.9% (2020 est.)
Imports of goods and services -70.6% (2020 est.)
Unemployment rate
Unemployment rate 2023 2.71% (2023 est.)
Unemployment rate 2022 2.87% (2022 est.)
Unemployment rate 2021 3.11% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 10.7% (2023 est.)
Male 6.7% (2023 est.)
Female 22.9% (2023 est.)
All Important Facts about United Arab Emirates

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United Arab Emirates is found in Western Asia