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A few words about GDP of the United Arab Emirates

Article image: A few words about GDP of the United Arab Emirates

The UAE is one of the richest countries in the world. Citizens of the United Arab Emirates are proud of high standard of life and significant income that accounts for millions of dollars.

Currently, the level of GDP per capita of the UAE is rated 7th in the world after Qatar, Luxembourg, Singapore, Norway, Brunei, and the United States. Thanks to skilful investment of funds received from the sale of oil, tourism sector, industry, agriculture and establishment of free trade zones Emirates, economic prosperity and stability has been achieved within short period of time.

Main components of the GDP of the UAE

The basis of the economy of the United Arab Emirates entails oil production. Aluminum production and cement production also contribute into improvement of quality of life and economic development of the country. Subject to recent qualifying reports the industry accounts for 39% of the GDP of the UAE, whereas services - nearly 30%. Substantial part of the GDP includes government fees. Logistics and commuter services play a very important role as well.

GDP in the UAE

GDP of the UAE shows one of the highest growth rates - aggregate average of 5.5% per annum. The largest contribution into economic development of the UAE is made by the "oil" Emirate Abu Dhabi - 65%. The second place is held by Dubai: for the last three decades its GDP has increased almost 11 times. During the same period gross domestic product of Singapore showed 10 times increase, Hong Kong - 7 times, United States - 3 times. The main factor contributing to growth of the GDP of Dubai is the intensive development of real estate sector, trade and tourism. It is worth noting that the economy of the Emirate generates almost 25% of the gross domestic product of the country.

In 2013, the total GDP of the Emirates constituted 384 billion dollars, that is in per capita terms is equal to 24 thousand dollars. According to projections of the International Monetary Fund positive growth of the GDP of the UAE, which has been ongoing since 2007, will continue. The IMF predicts that by 2018 the gross domestic product per capita in the United Arab Emirates will reach 57 thousand dollars.

Strong growth of GDP and other macroeconomic indicators combined with political stability and minimum red tape makes the UAE an attractive state for investment and business.

For you reference. What is GDP?

GDP is a Gross Domestic Product. It reflects the market value of all products and services produced in the country within a year, and intended for consumption within the country, reserves and export.

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