UAE Gross Domestic Product

The United Arab Emirates (UAE) is a federation of seven emirates located in the southeastern corner of the Arabian Peninsula, bordering Oman and Saudi Arabia. It has a population of 9.4 million and an area of 82,880 sq km. The country is a major regional and international trading hub and is home to the world’s busiest airport, Dubai International Airport.

The UAE’s gross domestic product (GDP) is estimated to be US$ 414.2 billion in 2019. It is the 25th largest economy in the world, based on nominal GDP, and the 19th largest based on purchasing power parity (PPP).

The UAE’s economic landscape is dominated by the services sector, which accounts for 76.2% of the GDP. The non-oil sector, which includes manufacturing, construction, trade, and transport, accounts for the remaining 23.8%.

The UAE’s economy is heavily reliant on the oil and gas sector, which contributes around 30% of the GDP. The country is the sixth-largest producer of oil in the world and the third-largest exporter of natural gas. Oil and gas revenues account for around 30% of the UAE’s total revenue.

The UAE’s non-oil sector has grown rapidly in recent years, driven by strong economic growth, increasing foreign direct investment (FDI), and diversification of the economy. The country is a major hub for trade, tourism, finance, and services. The UAE’s financial sector is the largest in the Middle East and is the second-largest in the world in terms of Islamic banking. The services sector is the second-largest contributor to GDP, accounting for around 21.6%.

The UAE is a major player in the international construction industry and is the third-largest construction market in the world. The country is also a major tourist destination, with over 16 million tourists visiting the country in 2018. The tourism sector is estimated to contribute around 6% of GDP and is expected to grow further in the coming years.

The UAE has a strong government commitment to economic diversification, and the government is actively promoting the development of the non-oil sector. The country is investing heavily in the development of its infrastructure, including roads, ports, and airports. The government is also encouraging private sector investment in the economy and is working to improve the business environment.

The UAE’s economy is expected to continue to grow in the coming years, driven by the government’s commitment to economic diversification, increased private sector investment, and improved business environment. The country is expected to maintain strong GDP growth in the medium term.

Summary

The non-oil sector, which includes manufacturing, construction, trade, and transport, accounts for the remaining 23.8%. The UAE’s non-oil sector has grown rapidly in recent years, driven by strong economic growth, increasing foreign direct investment (FDI), and diversification of the economy. The UAE’s economy is expected to continue to grow in the coming years, driven by the government’s commitment to economic diversification, increased private sector investment, and improved business environment.

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