The non-oil trade has grown to AED1.2 trillion, a growth of around 28 times from 1981 to 2012. Since independence in 1971, UAE's economy has grown by nearly 231 times to AED1.45 trillion in 2013. The economy was expected to grow 4–4.5% in 2013, compared to 2.3–3.5% over the previous five years. UAE has the second-largest economy in the Arab world (after Saudi Arabia), with a gross domestic product (GDP) of US$414 billion (AED 1.52 trillion) in 2018. The UAE is a member of the World Trade Organization and OPEC. Nationwide, there is currently US$350 billion worth of active construction projects. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the country to diversify its economy. Tourism is one of the biggest non-oil sources of revenue in the UAE. Dubai has far smaller oil reserves than its counterparts. Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification. In recent years, there has been some economic diversification, particularly in Dubai. In 2011, oil exports accounted for 77% of the UAE's state budget. In 2009, more than 85% of the UAE's economy was based on the oil exports. The UAE economy is heavily reliant on revenues from petroleum and natural gas, especially in Abu Dhabi. The UAE's economy is the 4th largest in the Middle East (after Saudi Arabia, Turkey, and Israel), with a gross domestic product (GDP) of US$498 billion (AED 1.83 trillion) in 2023. The United Arab Emirates is a high-income developing market economy. All values, unless otherwise stated, are in US dollars.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |