Compare United Arab Emirates (2008) - United Arab Emirates (2007)

Compare United Arab Emirates (2008) z United Arab Emirates (2007)

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	United Arab Emirates (2008)	United Arab Emirates (2007)

Budget	revenues: $58.15 billion expenditures: $38.06 billion (2007 est.)	revenues: $54.64 billion expenditures: $34.91 billion (2006 est.)
Debt - external	$41.51 billion (31 December 2007 est.)	$38.31 billion (2006 est.)
Economic aid - recipient	$5.36 million (2004)	-
Economy - overview	The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, nearly 40% of GDP is still directly based on oil and gas output. Since the discovery of oil in the UAE more than 30 years ago, 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. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. Higher oil revenue, strong liquidity, housing shortages, and cheap credit in 2005-07 led to a surge in asset prices (shares and real estate) and consumer inflation. Rising prices are increasing the operating costs for businesses in the UAE and adversely impacting government employees and others on fixed incomes. Dependence on oil and a large expatriate workforce are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.	The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, about 30% of GDP is still directly based on oil and gas output, and the fortunes of the economy fluctuate with the prices of those commodities. Since the discovery of oil in the UAE more than 30 years ago, 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. The government has increased spending on job creation and infrastructure expansion and is opening up its utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement (TIFA) with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement (FTA) with the US. Higher oil revenue, strong liquidity, and cheap credit in 2005-06 led to a surge in asset prices (shares and real estate) and consumer inflation. Rising prices are increasing the operating costs for businesses in the UAE and degrading the UAE's allure to foreign investors. Dependence on a large expatriate workforce and oil are significant long-term challenges to the UAE's economy.
Exchange rates	Emirati dirhams per US dollar - 3.673 (2007), 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003) note: officially pegged to the US dollar since February 2002	Emirati dirhams per US dollar - 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003), 3.6725 (2002) note: officially pegged to the US dollar since February 2002
GDP - composition by sector	agriculture: 1.8% industry: 59.3% services: 38.9% (2007 est.)	agriculture: 2% industry: 62.7% services: 35.2% (2006 est.)
GDP - real growth rate	8.5% (2007 est.)	8.9% (2006 est.)
Imports - partners	US 11.5%, China 11%, India 9.8%, Germany 6.4%, Japan 5.8%, UK 5.5%, France 4.1%, Italy 4% (2006)	US 11.5%, China 11%, India 9.9%, Germany 6.2%, Japan 5.8%, UK 5.6%, France 4.1%, Italy 4% (2006)
Industrial production growth rate	5.1% (2007 est.)	4% (2000)
Inflation rate (consumer prices)	12% (2007 est.)	13.5% (2006 est.)
Labor force	3.119 million (2007 est.)	2.968 million (2006 est.)
Pipelines	condensate 520 km; gas 2,908 km; liquid petroleum gas 300 km; oil 2,950 km; oil/gas/water 5 km; refined products 156 km (2007)	condensate 520 km; gas 2,580 km; liquid petroleum gas 300 km; oil 2,950 km; oil/gas/water 5 km; refined products 156 km (2006)
Telephone system	general assessment: modern fiber-optic integrated services; digital network with rapidly growing use of mobile cellular telephones; key centers are Abu Dhabi and Dubai domestic: microwave radio relay, fiber optic and coaxial cable international: country code - 971; linked to the international submarine cable FLAG (Fiber-Optic Link Around the Globe); landing point for both the SEA-ME-WE-3 AND SEA-ME-WE-4 submarine cable networks; satellite earth stations - 3 Intelsat (1 Atlantic Ocean and 2 Indian Ocean) and 1 Arabsat; tropospheric scatter to Bahrain; microwave radio relay to Saudi Arabia	general assessment: modern fiber-optic integrated services; digital network with rapidly growing use of mobile cellular telephones; key centers are Abu Dhabi and Dubai domestic: microwave radio relay, fiber optic and coaxial cable international: country code - 971; satellite earth stations - 3 Intelsat (1 Atlantic Ocean and 2 Indian Ocean) and 1 Arabsat; submarine cables to Qatar, Bahrain, India, and Pakistan; tropospheric scatter to Bahrain; microwave radio relay to Saudi Arabia

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