The UAE has an open economy with a high per capita income and a sizable
annual trade surplus. Efforts for economic diversification have reduced the
portion of GDP based on oil and gas output to 25%. Despite possessing
substantial petroleum reserves, the UAE has pursued free market, trade
liberalizing policies to diversify its economy away from a dependence on fossil
fuel. The visionary government has increased spending on infrastructure
development and job creation and favorable atmosphere for improved private
sector involvement.
UAE Free Trade Zones, offer 100% foreign ownership and zero
taxes help in attract foreign investors.
It is the thirtieth-largest economy at
market exchange rates.
UAE has a relatively high Human Development Index among Asian continent, ranking
thirtieth globally. UAE is ranked as the 2nd best nation in the Middle East And
Africa for doing business based on its economy and regulatory environment, for
Doing Business Report by The World Bank Group (The rankings benchmarked to June
2012).
The UAE has an open economy with one of the highest per capita incomes in the
world and a sizable annual trade surplus. In 2009, its GDP, as measured by
purchasing power parity, stood at US$ 400.4 billion. The GDP per capita is
currently the third in the world and the 17th in the world as measured by the
International Monetary Fund.
According to Central Intelligence Agency, USA - Economic Indicators
GDP - real growth rate: 5.2% (2011 est.)
GDP - per capita (PPP): $47,700 (2011 est.)
Note: data are in 2011 US dollars
GDP - composition by sector:
agriculture: 0.8%
industry: 59.1%
services: 40.1% (2011 est.)
Labor force: 4.111 million
Note: expatriates account for about 85% of the work force (2011 est.)
Labor force - by occupation:
agriculture: 7%
industry: 15%
services: 78% (2000 est.)