The discovery of ............. led to a great change in the economy of the UAE after the union.
Answers
Answer:
Oil reserves................
Answer:
The economy of the United Arab Emirates (or UAE) is the second largest in the Middle East (after Saudi Arabia), with a gross domestic product (GDP) of USD 414 billion (AED 1.52 trillion) in 2018.
Economy of
the United Arab Emirates
Dubai skyline 2015 (crop).jpg
Dubai, the financial center of the United Arab Emirates
Currency
United Arab Emirates dirham (AED, د.إ)
Fiscal year
calendar year
Trade organisations
OPEC and WTO
Country group
Developing/Emerging[1]
High-income economy[2]
Statistics
Population
Increase 9,630,959 (2018)[3]
GDP
Decrease $405.771 billion (nominal, 2019 est.)[4]
Increase $746.350 billion (PPP, 2019 est.)[4]
GDP rank
30th (nominal, 2019)
33rd (PPP, 2019)
GDP growth
1.7% (2018) 1.7% (2019e)
−1.1% (2020f) 1.2% (2021f)[5]
GDP per capita
Decrease $37,750 (nominal, 2019 est.)[4]
Increase $69,435 (PPP, 2019 est.)[4]
GDP per capita rank
24th (nominal, 2019)
7th (PPP, 2019)
GDP by sector
Agriculture: 0.9%
Industry: 49.8%
Services: 49.2%
(2017 est.)[6]
Inflation (CPI)
1.2% (2020 est.)[4]
Population below poverty line
N/A
Gini coefficient
32.5 medium (2014)[7]
Human Development Index
Increase 0.866 very high (2018)[8] (35th)
Steady N/A IHDI (2018)[9]
Labour force
Increase 6,904,890 (2019)[10]
78.8% employment rate (2017)[11]
expatriates account for about 85% of the workforce[6]
Labour force by occupation
Agriculture: 7%
Industry: 15%
Services: 78%
(2000 est.)[6]
Unemployment
Negative increase 2.5% (2017)[12]
Main industries
Petroleumpetrochemicalsfishingaluminumcementfertilizership repairconstructionmaterialshandicraftstextiles
Ease-of-doing-business rank
Increase 16th (very easy, 2020)[13