The economy of the United Arab Emirates is the second largest in the Middle East (after Saudi Arabia), with a gross domestic product (GDP) of USD 414 billion (AED 1.52 trillion) in 2018.

Tourism is one of the bigger non-oil sources of revenue in the UAE, with some of the world’s most luxurious hotels being based in the UAE. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects.

United Arab Emirates Economy Data

2014	2015	2016	2017	2018
Population (million)	9.3	9.6	9.9	10.1	10.4
GDP per capita (USD)	43,335	37,375	36,220	37,248	39,704
GDP (USD bn)	403	358	357	378	414
Economic Growth (GDP, annual variation in %)	4.3	5.1	3.1	0.5	1.7
Consumption (annual variation in %)	–	–	–	–	–
Investment (annual variation in %)	10.9	4.3	8.8	-8.2	-0.4
Industrial Production (annual variation in %)	0.9	6.0	3.2	-1.3	2.3
Unemployment Rate	2.1	1.8	1.6	2.5	2.6
Fiscal Balance (% of GDP)	1.9	-3.4	-2.0	-1.4	1.2
Public Debt (% of GDP)	15.5	18.7	20.2	20.0	19.1
Money (annual variation in %)	7.9	5.5	3.3	4.1	2.5
Inflation Rate (CPI, annual variation in %, eop)	3.1	3.6	1.2	2.7	0.3
Inflation Rate (CPI, annual variation in %)	2.3	4.1	1.6	2.0	3.1
Policy Interest Rate (%)	1.00	1.00	1.00	1.75	2.75
Exchange Rate (vs USD)	3.67	3.67	3.67	3.67	3.67
Exchange Rate (vs USD, aop)	3.67	3.67	3.67	3.67	3.67
Current Account (% of GDP)	13.3	4.9	3.7	7.3	9.1
Current Account Balance (USD bn)	53.6	17.6	13.2	27.5	37.8
Trade Balance (USD billion)	108	76.6	68.4	67.2	81.5
Exports (USD billion)	343	300	295	314	317
Imports (USD billion)	235	224	227	246	235
Exports (annual variation in %)	-7.6	-12.4	-1.8	6.3	1.1
Imports (annual variation in %)	2.0	-4.9	1.2	8.7	-4.5
International Reserves (USD)	78.4	93.9	85.4	95.4	99.5
External Debt (% of GDP)	48.3	67.6	69.9	72.6	68.6

Economic indicators of the United Arab Emirates : Growth

Main Indicators

Main Indicators	2017	2018	2019 (e)	2020 (e)	2021 (e)
GDP (billions USD)	377.70e	414.18e	405.77	414.02	426.80
GDP (Constant Prices, Annual % Change)	0.5	1.7e	1.3	-3.5	3.3
GDP per Capita (USD)	37,252e	39,709e	37,750	37,375	37,386
General Government Gross Debt (in % of GDP)	20.001	19.141e	20.135	20.328	20.319
Inflation Rate (%)	2.0	3.1	-1.9	-1.0	1.5
Current Account (billions USD)	27.50	37.85e	36.59	29.46	21.66
Current Account (in % of GDP)	7.3	10.0	7.4	1.5	4.1