The UAE's Macroeconomic Analysis:
Nominal GDP of USD 514 billion in 2023.
Nominal GDP of USD 507 billion in 2022.
GDP per capita of USD 52,928 compared to the global average of USD 10,589.
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.
Average real GDP growth of 3.2% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in The UAE
Annual economic growth fell slightly below the 10-year average of 3.0% in Q2, according to our Consensus. That said, our panelists upgraded their forecasts after recent data showed that the economies of Abu Dhabi and Dubai—the largest emirates by GDP—grew by more than in the prior quarter. Switching to Q3, our panelists have also upgraded their forecasts for the quarter, and expect GDP growth to rise to 3.7%. Available data supports the projection: Crude output expanded for the first time since Q1 2023, aided by a low base of comparison: The country initiated a 144,000 barrels-per-day cut in mid-2023. That said, non-oil business conditions improved at the softest clip on average since 2021, as competition from other Gulf countries intensified. Turning to Q4, GDP growth should gain further steam. In October, oil production continued to rise, and the non-oil PMI increased from Q3.UAE Economic Forecasts
Projections out to 2034.51 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 21 expert analysts.
Want to get insight on the economic outlook for UAE in the coming years? FocusEconomics collects projections out to 2034 on 51 economic indicators for UAE from a panel of 21 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.