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The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, falling oil prices, and deflated asset prices caused GDP to drop nearly 4% in 2009. UAE authorities have tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. In February 2009, Dubai launched a $20 billion bond program to meet its debt obligations. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil and a large expatriate workforce are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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$186.8 billion (2009 est.)
country comparison to the world: 53
$192 billion (2008 est.)
$178.7 billion (2007 est.)
note:
data are in 2009 US dollars
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$230 billion (2009 est.)
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-2.7% (2009 est.)
country comparison to the world: 159
7.4% (2008 est.)
6.2% (2007 est.)
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$38,900 (2009 est.)
country comparison to the world: 23
$41,500 (2008 est.)
$40,200 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 1.1%
industry:
48.5%
services:
50.4% (2009 est.)
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3.152 million
country comparison to the world: 100
note:
expatriates account for about 85% of the work force (2009 est.)
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agriculture: 7%
industry:
15%
services:
78% (2000 est.)
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2.4% (2001)
country comparison to the world: 17
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19.5% (2003)
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lowest 10%: NA%
highest 10%:
NA%
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30.4% of GDP (2009 est.)
country comparison to the world: 24
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revenues: $55.07 billion
expenditures:
$54.68 billion (2009 est.)
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54% of GDP (2009 est.)
country comparison to the world: 42
44.5% of GDP (2008 est.)
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1.5% (2009 est.)
country comparison to the world: 58
15.8% (2008 est.)
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NA%
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$56.71 billion (31 December 2008)
country comparison to the world: 24
$49.5 billion (31 December 2007)
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$127 billion (31 December 2008)
country comparison to the world: 23
$104.6 billion (31 December 2007)
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$NA (31 December 2008)
$155.4 billion (31 December 2007)
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$109.6 billion (31 December 2009)
country comparison to the world: 37
$97.85 billion (31 December 2008)
$224.7 billion (31 December 2007)
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dates, vegetables, watermelons; poultry, eggs, dairy products; fish
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petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles
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-5.6% (2009 est.)
country comparison to the world: 118
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71.54 billion kWh (2007 est.)
country comparison to the world: 39
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65.98 billion kWh (2007 est.)
country comparison to the world: 39
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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2.798 million bbl/day (2009 est.)
country comparison to the world: 8
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435,000 bbl/day (2009 est.)
country comparison to the world: 33
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2.7 million bbl/day (2007 est.)
country comparison to the world: 3
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192,900 bbl/day (2007 est.)
country comparison to the world: 48
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97.8 billion bbl (1 January 2009 est.)
country comparison to the world: 7
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50.24 billion cu m (2008 est.)
country comparison to the world: 18
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59.42 billion cu m (2008 est.)
country comparison to the world: 13
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7.567 billion cu m (2008 est.)
country comparison to the world: 24
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16.75 billion cu m (2008 est.)
country comparison to the world: 15
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6.071 trillion cu m (1 January 2009 est.)
country comparison to the world: 7
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-$4.048 billion (2009 est.)
country comparison to the world: 165
$22.31 billion (2008 est.)
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$174.7 billion (2009 est.)
country comparison to the world: 21
$239.2 billion (2008 est.)
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crude oil 45%, natural gas, reexports, dried fish, dates
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Japan 17.27%, South Korea 10.49%, India 9.96%, Iran 6.82%, Thailand 5.11% (2009)
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$144.5 billion (2009 est.)
country comparison to the world: 22
$176.3 billion (2008 est.)
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machinery and transport equipment, chemicals, food
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China 15.03%, India 14.27%, US 8.44%, Germany 5.81%, Japan 4.52% (2009)
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$40.7 billion (31 December 2009 est.)
country comparison to the world: 39
$31.69 billion (31 December 2008 est.)
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$128.6 billion (31 December 2009 est.)
country comparison to the world: 30
$134.7 billion (31 December 2008 est.)
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$71.18 billion (31 December 2009 est.)
country comparison to the world: 45
$66.18 billion (31 December 2008 est.)
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$50.69 billion (31 December 2009 est.)
country comparison to the world: 31
$48.69 billion (31 December 2008 est.)
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Emirati dirhams (AED) per US dollar - 3.673 (2009), 3.6725 (2008), 3.6725 (2007), 3.6725 (2006), 3.6725 (2005)
note:
officially pegged to the US dollar since February 2002
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