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Economy of United Arab Emirates

United Arab Emirates is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, United Arab Emirates may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, United Arab Emirates exports around $368.9 billion and imports roughly $249.6 billion. 1.7% of population in the country are unemployed. The total number of unemployed people in United Arab Emirates is 162,207. In United Arab Emirates, 19.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in United Arab Emirates is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 1.2% of GDP. The Gini Index of the country is 31. United Arab Emirates is experiencing good equality. The majority of citizens in United Arab Emirates fall within a narrow range of income, although some cases may show significant differences. United Arab Emirates has a Human Development Index (HDI) of 0.827. United Arab Emirates has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for United Arab Emirates is 1.805. Due to strong law enforcement presence and high social responsibility, United Arab Emirates is very safe by international standards. The strength of legal rights index for United Arab Emirates is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of United Arab Emirates is United Arab Emirates dirham. The plural form of the word United Arab Emirates dirham is dirhams. The symbol used for this currency is د.إ, and it is abbreviated as AED. The United Arab Emirates dirham is divided into Fils; there are 100 in one dirham.

Credit rating

The depth of credit information index for United Arab Emirates is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the Moody's credit-rating agency, United Arab Emirates has a credit rating score of Aa2, and the prospects of this rating are stable.

Central bank

In United Arab Emirates, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the United Arab Emirates. Locally, the central bank of United Arab Emirates is called مصرف الإمارات العربية المتحدة المركزي. The average deposit interest rate offered by local banks in United Arab Emirates is 3.6%.

Public debt

United Arab Emirates has a government debt of 43.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in United Arab Emirates is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in United Arab Emirates is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in United Arab Emirates is $617138 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in United Arab Emirates was last recorded at $65 million. PPP in United Arab Emirates is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in United Arab Emirates is 402,340 billion. Based on this statistic, United Arab Emirates is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in United Arab Emirates. The Gross Domestic Product (GDP) per capita in United Arab Emirates was last recorded at $42 million. The average citizen in United Arab Emirates has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in United Arab Emirates averaged 4.3% in 2014. According to this percentage, United Arab Emirates is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of United Arab Emirates.

Industry

Major industries in the country are petroleum and petrochemicals, fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, handicrafts, textiles. The total labor force of United Arab Emirates is 6,447,190 people, wherein 1.7% of population in the country are unemployed. The total number of unemployed people in United Arab Emirates is 162,207. The Industrial Production growth rate of United Arab Emirates is 3.3%.To read more about industrial information within United Arab Emirates click on industry of United Arab Emirates.

Agriculture

There are 644 km2 of arable land in United Arab Emirates, and it comprises 1% of the country's total territory. There are 2542 km2 of cultivated land in United Arab Emirates. The country's major agricultural crops and products are dates, vegetables, watermelons, poultry, eggs, dairy products, fish.To read more about agriculture click on agriculture of United Arab Emirates.