Uae Macroeconomic Indicators
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UAE Macroeconomic Indicators: 2008-2016
Introduction
The United Arab Emirates (UAE) is a federation that was established in 1971 as an independent government and is a Middle Eastern country located on the Arabian Peninsula of the Persian Gulf. The UAE has seven Emirates, Abu Dhabi (capital), Dubai (major tourism and real estate hub), Sharjah, Ajman, Ras al Khaimeh, Umm al Quwain and Fujairah. The UAE government is a constitutional federation with a president from the monarchy royal family ruling the main official positions. The UAE is a member of the Gulf Cooperation Council (GCC), which includes Qatar, Kuwait, Saudi Arabia, Bahrain and Oman as major oil-producing countries worldwide. The UAE is a member of the Oil Producing Exporter Countries (OPEC) and a central business, finance, tourism, construction and trade location for the region (Richardson, 2011, 1-7).
The history of the UAE shows it starting to export oil in 1962 from Abu Dhabi. The former UAE President Sheikh Zayed bin Sultan Al-Nahyan used the oil wealth over the next several decades to develop the country and its economy. Dubai began oil exporting in 1969. However, as of 2012, Abu Dhabi is the major oil exporter for the UAE since most of the other Emirates do not have much. The country has undergone rapid economic development over the past decade, especially in Dubai and Abu Dhabi for business, trade, finance, tourism, construction and real estate, which attracted global investments from individuals, companies and governments. The UAE currently has strong ties with all major international importers and exporters and that has assisted them in their economic development and stability (Crawford, 2011, 1-5).
According to the United Nations (2011), the UAE is ranked 30th worldwide in the Human Development Index (HDI) at .846. This is mainly due to the UAE recently upgrading its overall humanitarian, human rights, environmental awareness and corporate governance throughout the country to adhere to global guidelines. The UAE has been a positive role model for female empowerment throughout the region, with several UAE National women holding high positions in government, business and education sectors. The UAE has two UAE National female ministers in the government, four female judges in the federal courts, seven female lawyers as prosecutors, 11 female pilots and many CEOs in the private sector (Hussein, 2010, 1-4).
Macroeconomic Study: UAE Macroeconomic Indicators
According to the International Monetary Fund (IMF), World Bank, Institute of International Finance (IIF), Economic Intelligence Unit, US governments CIA World Factbook, Shuaa Capital, National Bank of Abu Dhabi, National Bank of Kuwait and Saudi American Bank Group, the main UAE macroeconomic indicators show strong sustainability for the future of the country. The data compiled for this report was obtained from these sources to provide the most current and accurate as possible information for the UAE macroeconomic indicators between 2008-2016. The UAE data for 2012-2016 was provided as estimates from these sources and their listed projections according to their most experienced global expert economic analysts.
The data combined from these reputable international databases show the UAE macroeconomic indicators for 2011 to be:
GDP–$358 billion
GDP per capita (average salary per person)–$48,500
GDP real growth rate–3.3%
Unemployment rate–2.4%
Current account balance–$38.45
Industry (manufacturing) business–53%; service sector business–46%
Population–5.15 million people
Population growth rate–3.3%
Workforce–4 million people; 87% foreigners
Inflation rate–9%
Bank interest rate–1%
Tourism expenditures of GDP–12%
Healthcare expenditures of GDP–3%
Education expenditures of GDP–1.2%
#3 re-exporter worldwide–UAE re-exports 75% of products to other nations & is considered a major central global trading hub for computers & electronics (including politically unstable nations like Israel, Iran, Libya, Yemen, Lebanon, Afghanistan, Iraq & Korea); it is a major global facilitating distributor between countries that do not have trade partnerships (Richardson, 2012, 1-8) (Elliott, 2011, 1-5) (Newman, 2011, 1-4) (Ottoman, 2011, 1-5).
UAE Macroeconomic Indicators: 2008-2016
Population (mill)
5.066
5.218
5.375
5.536
5.702
5.873
6.049
6.218
GDP (bill dhs)
975.0
992.8
1109.2
1315.0
1380.4
1455.5
1531.3
1619.2
1706.6
GDP per capita (dhs)
185294
195974
212580
244682
249360
255266
260738
267679
274433
Real GDP growth rate (%)
Inflation (CPI avg)
238.6
240.8
242.9
249.0
255.1
261.6
267.1
272.7
278.0
CPI (avg, % yr on yr)
Imports of goods & serv (%)
Exports of goods & serv (%)
-11.3
-12.4
Oil exports (bill dhs)
103.6
103.8
106.8
118.7
131.5
134.0
Govt revenues (bill dhs)
193.5
250.9
314.0
433.0
442.9
454.4
470.9
501.1
524.8
Govt total expenditures (bill dhs)
231.9
255.7
273.6
297.1
312.6
324.1
335.6
350.0
365.5
Source: International Monetary Fund, World Economic Outlook Database, September 2011 (estimates for 2012-2016)
(Newman, 2011, 1-9) (Ranis, 2011, 1-6).
According to global expert economists, the UAE macroeconomic indicators display continued sustained growth in all areas and strong recovery from the recent worldwide recession. Analysts feel the UAE governmental support, high oil prices, sustainable relationships with global tourism and trade sector partnerships and continued expansion throughout the country are