Before the discovery of oil in the 1950s, the region's economy was driven mainly by nomadic farming, date palm cultivation, fishing, pearling and seafaring.
Since the discovery of oil, the economy has been influenced mainly by the following sectors:
According to the Economic Report 2018 released by the UAE's Ministry of Economy, the estimated GDP for 2017 rose by 0.8% at real (constant) prices, amounting to AED 1422.2 billion at the level of the state, compared to AED 1411.1 billion at the end of 2016.
The following table shows the contribution of the economic sectors in the GDP for 2017 at real prices of 2010:
|
Economic sector |
Sector contribution to the GDP for 2017 (in per cent) |
|
(Extractive Industries (including Crude Oil and Natural Gas |
29.50% |
|
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles |
11.70% |
|
Financial and Insurance Activities |
8.60% |
|
Construction and Building |
8.40% |
|
Transformative Industries |
8.30% |
|
Public Administration and Defense; Compulsory Social Security |
5.80% |
|
Real Estate Activities |
5.70% |
|
Transport and Storage |
5.40% |
|
Electricity, Gas and Water |
3.20% |
|
Information and Communications |
2.90% |
|
Professional, Scientific and Technical Activities |
2.60% |
|
Accommodation and Food Services Activities |
2.20% |
|
Administrative and Support Services Activities |
1.90% |
|
Other sectors |
3.90% |
On the level of economic diversification and the relative importance of economic activities in the GDP, preliminary estimates indicate that the GDP estimates at current prices of the non-oil sectors amounted to about AED 1092 billion, a growth rate of 3.2% (at current prices) and at a rate of 2.5% at real (constant) prices by the end of 2017 compared to its value by the end of 2016.
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