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A knowledge of the United Arab Emirates economic trends helps a person understand the path of progress and development of the Federation. The UAE ranks 3rd in the entire world as a significant producer of oil. Since oil and natural gas is most important to the economy of the UAE, new reserves are being searched in order to meet the demands of the world.
The economy of United Arab Emirates is greatly dependent on gas and oil production, which accounts for 33% of GDP. There has been a big boom in the United Arab Emirates economy from 2003, as a result of the increase in global oil prices as well as the OPEC quotas. Among the 7 Emirates, Abu-Dhabi and Dubai are responsible for 80% of the total GDP. In 2004 growth rate of GDP was 9.7% and the next year it was 8.5%. However in 2006 it increased to 11.5% .
Apart from the oil industry of the UAE, stress is being laid on other alternative sources of economy such as the fishing industry. Before the UAE started exporting oil, the other industries, which contributed to the economy were agriculture, pearl production and herding.
It is through United Arab Emirates economic trends, that the ups and downs of the Federation's economy can be traced.
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