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United Arab Emirates economy is highly dependent on natural resources like oil and natural gas. With an upscale market for the oil resources, the oil industries in UAE have got a great boost. Going by the process of land reclamation, oil refining and creating trading relations with various alliances, there has been a considerable hike in the United Arab Emirates Economy.
With the advancement of technology and science in the country, Dubai has found suitable means to desalinize the water of the sea for the purpose of irrigation. Turning waste lands into arable stretches has become the biggest achievement for the United Arab emirates economy. Off the coast fishing has also had a considerable contribution in the economy of United Arab Emirates.
UAE shares a healthy trade relation with UK, who forms one of the most important export partner of the country. Export transactions worth millions of dollars are carried out by Britain in the field of Manufactured goods, power generation equipment, telecommunications equipment, industrial machinery and vehicles. Investments in United Arab Emirates is therefore concentrated in the above sectors apart from oil industries. Some of the other industries in United Arab Emirates include cement industries, food processing industries and plastic industries.
United Arab Emirates Economy Facts
Some of the United Arab Emirates economy facts are:
GDP: US$63.1 billion
GDP/capita: US$20,200
GDP/sector: Agriculture 3%, Industry 46%, Services 51%
Export products: Crude oil, natural gas, reexports, dried fish, dates.
Foreign debts/GDP: 20%
Foreign debts/capita: US$4,000
Annual growth in GDP: 2.5%
Trade balance: +66%
Foreign debts: US$12.6 billion
Annual inflation rate: 4.5% (2000)
There is no registered account of unemployment in UAE.
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United Arab Emirates Economy |
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