Economic Growth
Oil was discovered in the UAE nearly 60 years ago, which sparked a economic boom for the country. Up until then the UAE was simply just another impoverished Middle Eastern country. The oil industry has lifted the country into a modern hub of business growth, technology, and vast immigration. The UAE is currently 32nd in the world for total GDP with $696 billion. Over 5.3 million people are in the labor force and the unemployment rate is quite low at 1.6% as of 2016.
Oil Pumps in the Desert. Offshore Oil Rig UAE Before the Economic Boom
Major Industries and Exports
The main industries in the UAE are petroleum and petrochemicals, fishing, aluminum, cement, fertilizer, commercial ship repair, construction materials, handicrafts, and textiles. The main agricultural products produced by the country are: dates, vegetables, watermelons, poultry, eggs, dairy products, and fish. Despite this, the UAE is a net food importer, indicating that they have to rely on other countries for food in order to feed their people. The main trade partners of the UAE are India, Iran, and Japan but the main import partners are China, the USA, and India. Oil production is the main export commodity, and the graph to the right displays it growth in production over the years.
Source: CIA World Factbook
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