Economy United Arab Emirates economy The latest economic indicators and demographic trends for the United Arab Emirates, including the UAE's GDP, inflation, oil prices, trade, population, expats, unemployment and more November 20, 2024, 7:08 PM Getty Images via Unsplash More economic data on the GCC states Bahrain Qatar Kuwait Saudi Arabia Oman UAE For other countries in the region, go to our Mena economic data page UAE economic indicators at a glance The UAE's steady GDP growth and a steady increase in non-oil performance in sectors including finance, tech and tourism are helping to drive the Emirates' economic trajectory. Demographic factors such as a large expat community – especially in Dubai and Abu Dhabi – and a growing population also play a very important part. UAE GDP The below provides an overview of the UAE's GDP, including key indicators such as nominal GDP, GDP per capita and GDP growth. These highlight the size of the UAE's economy, the wealth distribution among its population and the pace of economic expansion. UAE nominal GDP UAE GDP per capita The UAE's GDP has been on a general upward trajectory, largely thanks to the economies of Abu Dhabi and Dubai. Real GDP is expected to continue to steadily increase in 2025 and beyond. UAE GDP growth There was significant volatility in the UAE's oil GDP in 2021 and 2023, but IMF projections show a recovery. Non-oil GDP growth in the UAE has been more consistent. UAE oil breakeven prices The UAE's oil breakeven price has fluctuated, with a notable dip in 2022. It is projected to fall again in 2025. UAE inflation The UAE's inflation, measured via the consumer price index, has generally risen – with a notable jump in 2022. UAE lending, debt & account balance The UAE's government debt peaked in 2020, reaching 41.3 percent due to pandemic-related pressures. Since then it has been progressively falling, as has the government's net lending. The UAE's current account balance fell to $21.1 billion in 2020 and then more than doubled to $48 billion in 2021 before reaching a high of $66.5 billion in 2022. It has been falling since then but is projected to stabilise in the next few years. UAE trade The UAE's trade has experienced significant shifts driven by global and regional economic changes. In 2020 during the pandemic imports to the UAE plummeted by -18 percent and UAE exports dropped by -8.4 percent. However UAE trade picked up quickly after this and the UAE's export growth rate is predicted to overtake its import growth rate in 2024. The UAE’s top 10 trade partners The UAE's top exports include oil, mineral fuels, precious stones and metals and electronic equipment, while its top imports include precious stones and metals, electronic equipment, machinery and nuclear reactors. UAE foreign direct investment The UAE's foreign direct investment (FDI) is central to its economic trajectory. Inward foreign direct investment jumped in 2019 and has grown consistently since then. The UAE's outward FDI has been more volatile. UAE sovereign ratings The three major credit rating agencies – Fitch, Moody's and S&P Global – all give Abu Dhabi a high investment-grade rating. Moody's and Fitch also give separate positive sovereign ratings for the UAE overall, reflecting its strong creditworthiness and economic stability. This indicates confidence in the UAE's fiscal management and economic outlook. UAE governance The UAE's ranking in the Corruption Perceptions Index is the highest in the GCC. Its score has been 68 for the past two years – and in the 2024 index, the Gulf country is three points above the US. UAE population UAE life expectancy The UAE's population growth rate generally declined from 2014 to 2017 before steadying off at a consistent 0.8 percent. UAE life expectancy has picked up again since 2020. Expats in the UAE UAE expats’ country of origin The UAE's expats make up a significant portion of the population, reflecting its reliance on foreign workers particularly in sectors such as construction, healthcare, and services, which drive economic growth. About three quarters of the UAE's residents come from abroad and a third of these are from India. The large majority of UAE expats live in Dubai and Abu Dhabi. UAE unemployment rate The UAE's unemployment rates have been volatile, but are approaching pre-pandemic levels again. Education in the UAE The UAE's Pisa scores are significantly below the OECD averages across all three subjects, highlighting the need for continued investment in educational reforms to raise student performance. The 2022 results for the UAE and the 80 other countries that take part in the tests show the impact of Covid lockdowns on students. More economic indicators Saudi Arabia All GCC countries Middle East & North Africa The charts and tables on this page are for general information purposes only. AGBI aims to keep the information up-to-date and correct, but makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information. Any reliance you place on such information is therefore strictly at your own risk. All IMF, World Bank and United Nations data on this page is publicly available. The latest IMF World Economic Outlook was published on October 22 2024
