n: three equal horizontal bands of green (top), white,
and black with a thicker vertical red band on the hoist side

Economy

Economy - overview: The UAE has an open economy with one of the
world's highest incomes per capita and with a sizable annual trade
surplus. Its wealth is based on oil and gas output (about 33% of GDP),
and the fortunes of the economy fluctuate with the prices of those
commodities. Since 1973, the UAE has undergone a profound
transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. At
present levels of production, crude oil reserves should last for over
100 years. The UAE Government is encouraging increased privatization
within the economy, and industrial development is expected to pick up
in 1997.

GDP: purchasing power parity - $72.9 billion (1996 est.)

GDP - real growth rate: 1.4% (1996 est.)

GDP - per capita: purchasing power parity - $23,800 (1996 est.)

GDP - composition by sector:
agriculture: 2%
industry: 43%
services : 55% (1994 est.)

Inflation rate - consumer price index: 5.2% (1996 est.)

Labor force:
total: 794,400 (1993 est.)
by occupation: industry and commerce 56%, services 38%, agriculture 6%
(1990 est.)
note: 75.73% of the population in the 15-64 age group is non-national
(July 1997 est.)

Unemployment rate: NA%

Budget:
revenues: $5.1 billion
expenditures: $5.4 billion, including capital expenditures of $NA
(1997 est.)

Industries: petroleum, fishing, petrochemicals, construction
materials, some boat building, handicrafts, pearling

Industrial production growth rate: NA%

Electricity - capacity: 5.29 million kW (1994)

Electricity - production: 17.74 billion kWh (1994)

Electricity - consumption per capita: 5,724 kWh (1995 est.)

Agriculture - products: dates, vegetables, watermelons; poultry, eggs,
dairy products; fish

Exports:
total value: $31.3 billion (f.o.b., 1996 est.)
commodities: crude oil 66%, natural gas, reexports, dried fish, dates
partners: Japan 38%, India 6%, South Korea 6%, Singapore 5%, Iran 4%,
Oman 4% (1995)

Imports:
total value: $22.3 billion (c.i.f., 1996 est.)
commodities: manufactured goods, machinery and transport equipment,
food
partners : Japan 9%, US 8%, UK 8%, Italy 7%, Germany 7%, South Korea
5% (1995)

Debt - external: $14 billion (1996 est.)

Economic aid: $NA

Currency: 1 Emirian dirham (Dh) = 100 fils

Exchange rates: Emirian dirhams (Dh