Frontier markets index country of United Arab Emirates (UAE)
The UAE, located in the Middle East, has a wide open economy with a high per capita income and a sizable and growing, annual trade surplus. However, despite largely successful efforts at economic diversification, still nearly 45 percent of GDP is based on oil and gas output.
In April 2004, the UAE and the US signed a Trade and Investment Framework Agreement with Washington. In November 2004 the two countries agreed to beginning negotiations toward a Free Trade Agreement with the US.
Its dependence on oil and a very large expatriate workforce are significant long-term challenges for the UAE, but countries strategic plan for the next few years focuses on those issues by continued diversification and by creating more opportunities for nationals through increased private sector employment and improved education.
- GDP (purchasing power parity):
$145.8 billion (2007)
- GDP (official exchange rate):
$189.6 billion (2007)
- GDP - real growth rate:
8.5% (2007 est.)