Middle East & North Africa

UAE Economy

The UAE's economy in numbers:

Nominal GDP of USD 507 billion in 2022.

GDP per capita of USD 51,393 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 58% of overall GDP, manufacturing 10%, other industrial activity 31%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 39% of GDP in 2020, government consumption 14%, fixed investment 22%, and net exports 25%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 9% of total merchandise exports, mineral fuels 71%, food 4%, ores and metals 3% and agricultural raw materials 0%, with other categories accounting for 13% of the total. In the same period, manufactured products made up 58% of total merchandise imports, mineral fuels 17%, food 7%, ores and metals 3% and agricultural raw materials 0%, with other goods accounting for 15% of the total. Total exports were worth USD 323 billion in 2021, while total imports were USD 244 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.3% in the decade to 2022. To read more about GDP growth in the UAE, go to our dedicated page.

Fiscal policy:

UAE's fiscal surplus averaged 2.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 2.4% in the decade to 2022. For more information on UAE's unemployment click here.

Inflation:

Inflation averaged 1.5% in the decade to 2022. Go to our UAE inflation page for extra insight.

Monetary Policy:

The UAE monetary policy rate ended 2022 at 4.40%, up from 1.00% a decade earlier. See our UAE monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dirham stayed on the same level vs the U.S. dollar. For more info on the dirham, click here.
GDP growth likely more than halved in 2023 compared to 2022, due to OPEC+ oil production cuts and a post-pandemic normalization of non-energy sector growth. Looking at available data, oil output was down 3.7% year on year in 2023, while economic growth in Abu Dhabi and Dubai—two emirates which together account for over two thirds of the UAE’s GDP—slowed notably in January–September compared to 2022. Turning to 2024, activity will be dampened in Q1 by the UAE’s pledge to cut oil production by roughly 5% in the quarter. However, this should be partly offset by strong non-energy activity thanks to the government’s diversification drive. Recent steps to promote diversification have included the launch of a nationwide registry for family firms and a AED 208 billion (USD 57 billion), decade-long social development plan.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 23 expert analysts.

Want to get insight on the economic outlook for UAE in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for UAE from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the UAE economy. To download a sample report on the UAE's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

UAE Economic Data

2018 2019 2020 2021 2022
Population (million) 9.4 9.5 9.3 9.6 9.9
GDP (USD bn) 427 418 349 415 507
GDP per capita (USD) 45,583 43,973 37,644 43,430 51,393
GDP (AED bn) 1,568 1,535 1,283 1,525 1,862
Economic Growth (Nominal GDP, ann. var. %) 9.4 -2.1 -16.4 18.8 22.1
Economic Growth (GDP, ann. var. %) 1.3 1.1 -5.0 4.4 7.9
Economic Growth (GDP non-Oil, ann. var. %) 0.1 2.7 -5.4 6.5 7.2
Economic Growth (GDP Oil, ann. var. %) 4.5 -2.6 -3.8 -1.1 9.5
Private Consumption (ann. var. %) 6.1 10.0 -12.5 - -
Government Consumption (ann. var. %) -5.0 10.0 0.7 - -
Fixed Investment (ann. var. %) 3.6 0.0 5.8 - -
Exports (G&S, ann. var. %) 11.5 -1.3 -7.0 - -
Imports (G&S, ann. var. %) 10.9 -5.5 -6.4 - -
Industrial Production (ann. var. %) 3.3 -0.8 -2.8 2.6 8.5
Oil Production (mn barrels per day, aop) 2.98 3.08 2.80 2.72 3.07
Unemployment (% of active population, aop) 2.2 2.3 4.3 3.1 3.0
Fiscal Balance (% of GDP) 3.8 2.6 -2.5 4.0 9.9
Public Debt (% of GDP) 21.3 26.8 41.1 35.9 30.0
Money (ann. var. of M2 %) 2.5 8.0 4.6 5.7 9.0
Inflation (CPI, ann. var. %, eop) 1.1 -1.6 -2.2 2.3 4.6
Inflation (CPI, ann. var. %, aop) 3.1 -2.0 -2.1 0.2 4.8
Base Rate (%, eop) 2.75 2.00 1.25 1.50 4.40
Stock Market (ann. var. of DFM %) 11.7 3.3 -0.6 68.2 20.3
Exchange Rate (AED per USD, eop) 3.67 3.67 3.67 3.67 3.67
Current Account Balance (USD bn) 40.5 37.3 21.1 48.0 -
Current Account Balance (% of GDP) 9.5 8.9 6.0 11.6 -
Merchandise Trade Balance (USD bn) 85.6 80.4 60.3 79.0 -
Merchandise Exports (USD bn) 321 314 272 323 -
Merchandise Imports (USD bn) 235 233 212 244 -
Merchandise Exports (ann. var. %) 2.4 -2.3 -13.3 18.8 -
Merchandise Imports (ann. var. %) 1.2 -0.9 -9.2 15.3 -
Foreign Direct Investment (USD bn) 10.4 17.9 19.9 20.7 22.7
International Reserves (USD bn) 99 107 103 128 134
International Reserves (months of imports) 5.1 5.5 5.8 6.3 -

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