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United Arab Emirates: Selected Issues and Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
March 2003
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V. Real Gross Domestic Product and Real Gross Domestic Income59

A. Introduction

100. In an oil-based economy, the real gross domestic income (RGDI) could be a relevant complementary indicator to real gross domestic product (RGDP) to assess economic developments, particularly in periods of sharp changes in oil prices. While RGDP only measures changes in the volume of production, RGDI captures the changes in the real purchasing power of domestic income generated by the change in both output and the terms of trade. A number of key macroeconomic variables, such as consumption, investment, and imports, might be closely associated with changes in RGDI. This chapter provides a theoretical framework for the calculation of RGDI and examines the relationship between RGDI and other key macroeconomic variables in the United Arab Emirates from 1990-2002.

B. The Theoretical Framework

101. RGDI can be represented as follows:

RGDI = RGDP + ToT

where

X = exports at current prices;

M = imports at current prices;

Px = the price index for exports, a weighted average of oil export and non-oil export deflators.

Pm = the price index for imports;

P = a price index used to deflate the current price trade balance to derive the purchasing power of net exports (CPI is used as a proxy)

102. While there is generally no ambiguity regarding the definition of most of these variables, considerable debate exists as to the appropriate choice of the price index, P. In this exercise, the CPI was chosen as the deflator, with 1995 as the base year, rather than, for instance, the GDP deflator, which would distort the results given its wide variability owing to the sharp changes in crude oil prices over the past decade.

C. Empirical Results

103. As expected, the movements in RGDP and RGDI in the United Arab Emirates have diverged significantly in the past years. While annual RGDP growth has been usually positive from 1990-2002, RGDI growth has ranged from 36.6 percent (2000) to -11.4 percent (1998), reflecting the volatile movements in the terms of trade dictated by the vagaries of world oil prices (Table 11 and Figure 11). A strong positive correlation seems to exist between RGDI and other key macroeconomic variables (Figures 12—14), particularly between RGDI and consumption.

Table 11.Real Gross Domestic Product and Income, and Oil Prices, 1990–2002
19901991199219931994199519961997199819992000Prel.

2001
Est.

2002
(In millions of U.S. dollars at constant 1995 prices; unless otherwise specified)
Real GDP34,12334,94836,16536,97339,95642,74145,36819,12149,80651,97757,18059,36560,260
Oil GDP 1/15,69915,69915,69912,71012,76113,06213,21814,00212,93912,35113,72713,89812,591
RGDI42,87739,58740,39638,95540,33042,74149,52253,17947,09154,62774,60272,09773,509
Average U.A.E. oil prices (U.S. dollars per barrel)21.018.018.216.015.616.719.918.812.617.527.223.824.3
(Percent change)
Real GDP2.43.52.28.17.06.18.31.44.410.03.81.5
Oil GDP 1/0.00.0-19.00.42.41.25.9-7.6-4.511.11.2-9.4
RGDI-7.72.0-3.63.56.015.97.4-11.416.036.6-3.42.0
Average U.A.E. oil prices (U.S. dollars per barrel)-14.31.2-12.2-2.66.919.3-5.4-33.139.155.7-12.62.2
Sources; National authorities; and Fund staff estimates.

Includes crude oil, petroleum products, and gas.

Sources; National authorities; and Fund staff estimates.

Includes crude oil, petroleum products, and gas.

Figure 11.United Arab Emirates: Real GDP, Real GDI, and Crude Oil Prices, 1991–2002

(Percent change)

Sources: National authorities; and Fund staff estimates.

Figure 12.United Arab Emirates: Change in RGDI and Consumption, 1991 2002

(In percent)

Sources: National authorities; and Fund staff estimates.

Figure 13.United Arab Emirates: Change in RGDI and Investemt, 1991 2002

(In percent)

Source: National authorities; and Fund staff estimates.

Figure 14.United Arab Emirates: RGDI and Imports, 1991–2002

(Percent change)

Source: National authorities; and Fund staff estimates.

104. To examine more closely this relationship, a statistical correlation for the period 1990-2002 was run on the log of RGDI and the logs of the following economic variables: private consumption, public consumption, total consumption, private investment, public investment, total investment, and imports. The results show correlation coefficients ranging between 0.78 and 0.90 (Table 12). 60 In addition, a Johansen cointegration test was run on RGDI and the other variables. All the results, except for private and total investment, show a strong cointegration at the 5 percent confidence level (Table 13). The outcome of total investment was the result of poor cointegration of private investment, a major component of total investment. In this model, each of the economic variable co-varies with RGDI according to the following cointegration relation:

Table 12.Correlation Matrix
RGDI
Imports0.82
Private consumption0.90
Private investment0.84
Public consumption0.86
Public investment0.78
Total consumption0.89
Total investment0.83
Source: Fund staff estimates.
Source: Fund staff estimates.
Table 13.Summary of the Cointegration Relations 1/

Hypothesized number of cointegration equation = none

Cointegrating EquationTrace Statistics
LPRIVCONS =2.076 LRGDI- 12.92335.598
(17.75)(-10.03)
LPUBCONS =0.724 LRGDI+ 1.29629.113
(4.29)(0.712)
LTOTCONS =3.046 LRGDI- 23.69126.215
(6.28) (-4.46)
LIMPORTS =0.397 LRGDI+ 6.92424.118
(0.538)(0.861)
LTOT1NV =0.470 LRGDI+ 4.80916.64
(0.964)(0.901)
LPUBINV =0.921 LRGDI- 1.36928.783
(4.819) (0.663)
LPRIV1NV =0.772 LRGDI+ 0.3398.613
(1.484)(0.061)
Source: Fund staff estimates.

Five percent critical value 19.96.

Source: Fund staff estimates.

Five percent critical value 19.96.

105. The t statistics in parenthesis in Table 3 are significant for consumption (private, public, and total) and for public investment, and not significant for private investment, and total investment. This is to be expected since an increase in income, owing to a rise in oil prices, increases the wealth of the government directly, which filter down to a rise in consumption. Private investment decisions, however, do not seem to be influenced directly by variations in RGDI.

STATISTICAL APPENDIX

United Arab Emirates: Basic Data

I. Social and Demographic Indicators (1999, except as indicated)
Population characteristics
Total population (in millions, 2001) 1/3.49Age distribution (in thousands)
Population growth (in percent) 1/7.4014 and under751.7
Density (per sq km)33.6715-641,930.3
Life expectancy at birth (years)75.25Over 6460.5
Crude birth rate (per thousand)17.54Percentage
Crude death rate (per thousand)3.30Urban85.5
Infant mortality (per thousand)7.64Rural14.5
Access to safe water (most recent)Nutrition (most recent)
Percentage of population100.0Per capita calories per day3,309
HealthEducation (1996), percent
Physicians per 1,000 people1.8Primary school enrollment percentage
Access to health careMale90.7
(percentage of population)99.0Female87.4
Adult literacy rate (1995)84
Sources: Ministry of Planning; and World Bank, World Development Indicators.

Including expatriates.

Sources: Ministry of Planning; and World Bank, World Development Indicators.

Including expatriates.

II. Selected Economic Indicators, 1997–2001
Prel.
19971998199920002001
(In billions of U.A.E. dirhams)
GDP at market prices188.4178.1202.7259.0256.6
(In millions of barrels per day)
Hydrocarbon production
Crude oil production (in millions of bbL/day) 1/2.432.432.262.412.44
Average price (US$ per barrel)18.8012.5717.4827.2123.78
Natural gas production (In bcm per year)32.733.434.635.941.3
Annual percentage changes)
National income and prices
Real GDP (at factor cost)8.31.44.410.03.8
Oil and natural gas5.9-7.6-4.511.11.2
Non-oil sectors 2/9.25.07.59.74.6
Consumer prices2.92.02.11.42.2
(In percent of GDP)
Investment and saving
Gross domestic investment28.130.627.823.224.4
Government5.87.96.84.35.2
Nongovernment22.323.021.018.919.2
National saving41.135.138.849.140.0
Government12.25.63.111.12.0
Nongovernment28.929.835.738.038.0
(In percent of GDP)
Consolidated government finances
Revenue37.534.531.738.632.1
Oil21.914.313.821.618.9
Non-oil15.520.217.817.013.2
Of which: investment income7.210.59.59.86.1
Expenditure, of which33.840.337.332.637.4
Current25.228.928.627.530.2
Overall balance3.4-5.8-5.66.0-5.3
Government debt 3/4.36.67.24.64.0
(Changes in percent of beginning M2 stock)
Money and credit 4/
Broad money (M2)9.04.211.411.110.6
Foreign assets (net)-1.20.44.310.94.0
Domestic assets, of which:10.33.87.10.36.6
Claims on government (net)0.7-1.31.1-4.71.7
Claims on private sector13.013.97.67.87.6
(In percent per annum, end of period)
Interest rates
Dirham (three month interbank)5.585.455.536.533.50
Lending rate9.549.0210.599.607.82
(In billions of U.S. dollars)
External sector
Exports, of which:40.833.436.549.648.2
Crude oil14.610.013.621.717.7
Gas2.92.12.33.73.4
Non-hydrocarbon exports11.89.38.29.410.9
Reexports10.811.611.813.113.9
Imports, f.o.b.-30.0-28.7-27.9-30.8-32.8
Services (net)-6.1-5.9-5.9-6.2-6.4
Income (net)6.47.17.39.66.1
Transfers (net)-3.6-3.7-3.9-4.0-4.6
Current account balance6.72.26.018.310.4
(In percent of GDP)13.14.510.925.914.9
Central bank reserves8.69.310.913.814.3
In months of imports3.64.04.35.14.9
As percent of reserve money209.5210.4199.8250.2242.8
As percent of short-term debt 5/276.2147.6218.7251.3336.0
Total external debt 6/16.918.118.518.214.1
Exchange rate
Dirham/US$ (end of period)3.67253.67253.67253.67253.6725
REER (average, 1990-100)116.5124.6125.2132.0140.5
Sources: National authorities; Bank for International Settlements (BIS); and Fund staff estimates.

Includes condensates, which are not subject to OPEC quotas.

Includes refined products and liquid gas, which account for about 7.5 percent of non-hydrocarbon GDP.

Gross due to domestic banks. No official external debt is acknowledged.

Beginning 2000 results adjusted for change in compilation procedure.

Debt due within one year, from BIS/OECD statistics.

Central Bank and commercial bank foreign liabilities, plus private nonbanks (BIS source).

Sources: National authorities; Bank for International Settlements (BIS); and Fund staff estimates.

Includes condensates, which are not subject to OPEC quotas.

Includes refined products and liquid gas, which account for about 7.5 percent of non-hydrocarbon GDP.

Gross due to domestic banks. No official external debt is acknowledged.

Beginning 2000 results adjusted for change in compilation procedure.

Debt due within one year, from BIS/OECD statistics.

Central Bank and commercial bank foreign liabilities, plus private nonbanks (BIS source).

Table 1.United Arab Emirates: Sectoral Origin of GDP at Constant 1995 Prices, 1997–2001

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Gross domestic product180,322182,913190,884209,992218,016
Crude oil production51,40147,51745,36050,41451,040
Other sectors128,921135,396145,524159,578166,976
Agriculture5,9826,2317,3468,7338,500
Industry41,95143,68046,29751,00051,663
Mining and quarrying589612637662672
Manufacturing 1/22,22923,31125,39029,68129,753
Electricity and water3,8874,0114,2444,4874,748
Construction15,24615,74616,02616,17016,490
Services80,98885,48591,88199,845106,813
Trade22,63523,55324,48525,32126,376
Wholesale and retail trade19,20719,73220,03220,67621,146
Restaurants and hotels3,4283,8214,4534,6455,230
Transportation, storage, and communication11,72612,89614,17716,21118,113
Finance and insurance10,81512,54613,20114,20716,144
Real estate17,18717,77218,45418,61818,906
Government services18,10319,29621,43024,29625,990
Other services4,4324,6174,8925,2425,717
Less:
Imputed bank service charges3,9105,1954,7584,0504,433
Source: Ministry of Planning.

Includes natural gas and petroleum-processing industries.

Source: Ministry of Planning.

Includes natural gas and petroleum-processing industries.

Table 2.United Arab Emirates: Real Growth by Economic Sector, 1997–2001

(Change in percent)

1997199819992000Prel.

2001
Gross domestic product8.31.44.410.03.8
Crude oil production5.9-7.6-4.511.11.2
Other sectors9.25.07.59.74.6
Agriculture18.94.217.918.9-2.7
Industry15.64.16.010.21.5
Mining and quarrying2.43.94.13.91.5
Manufacturing 1/24.34.98.916.90.7
Electricity and water13.43.25.85.75.8
Construction5.93.31.80.92.0
Services5.65.67.58.77.0
Trade8.94.14.03.44.2
Wholesale and retail trade7.12.71.53.22.3
Restaurants and hotels20.411.516.54.312.6
Transportation, storage, and communication5.910.09.914.311.7
Finance and insurance10.016.05.27.613.6
Real estate0.83.43.80.91.5
Government services3.66.611.113.47.0
Other services7.94.26.07.29.1
Less:
Imputed bank service charges7.932.9-8.4-14.99.5
Source: Ministry of Planning.

Includes natural gas and petroleum processing industries.

Source: Ministry of Planning.

Includes natural gas and petroleum processing industries.

Table 3.United Arab Emirates: Sectoral Origin of GDP at Current Prices, 1997–2001

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Gross domestic product187,550177,360201,797257,979255,303
Crude oil production55,79937,40249,79486,69074,892
Other sectors131,751139,958152,003171,289180,411
Agriculture6,0526,3257,5519,0478,862
Industry43,02645,12548,23256,91658,120
Mining and quarrying594619656682697
Manufacturing 1/22,85123,98726,53934,76235,087
Electricity and water3,9694,1274,4164,6154,890
Construction15,61216,39216,62116,85717,446
Services82,67388,50896,220105,326113,429
Trade23,56325,00526,25527,29428,538
Wholesale and retail trade19,99420,95521,53522,26822,838
Restaurants and hotels3,5694,0504,7205,0265,700
Transportation, storage, and communication11,97213,34715,24717,24719,381
Finance and insurance11,04213,02313,66314,86216,903
Real estate17,10217,66418,38419,06819,662
Government services18,46520,01022,45825,56127,504
Other services4,5144,7585,0715,4656,007
Less:
Imputed bank service charges3,9855,2994,8584,1714,566
Source: Ministry of Planning.

Includes natural gas and petroleum processing industries.

Source: Ministry of Planning.

Includes natural gas and petroleum processing industries.

Table 4.United Arab Emirates: Sectoral Distribution of Nominal GDP, 1993–2001

(In millions of dirhams)

19931994199519961997199819992000Prel.

2001
Oil sector 1/53,21150,18854,94565,33064,56546,03659,280102,63686,713
Government sector22,20023,93526,62028,12829,61132,05436,05140,86644,779
Private sector57,79567,78675,33782,32093,37499,270106,466114,477123,811
GDP133,206141,909156,902175,778187,550177,360201,797257,979255,303
Source: Ministry of Planning.

Includes crude oil, condensates, liquid gas, and refined products.

Source: Ministry of Planning.

Includes crude oil, condensates, liquid gas, and refined products.

Table 5.United Arab Emirates: Use of Resources at Current Prices, 1997–2001

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Consumption118,069128,253136,482152,559160,763
Public29,38735,22636,11739,88542,131
Private88,68293,027100,365112,674118,632
Fixed investment50,95152,19553,91657,39859,823
Public30,29532,40231,56432,64334,157
Private20,65619,79322,35224,75525,666
Change in inventories1,8002,3202,5002,6802,792
Domestic expenditure170,820182,768192,898212,637223,378
Net exports of goods and services17,170-4,6509,80046,61033,186
Exports156,150129,600141,710190,070185,466
Imports138,980134,250131,910143,460152,280
GDP at market prices187,990178,118202,698258,991256,564
Plus; Subsidies, less indirect taxes-440-758-901-1,012-1,261
Subsidies1,9021,8141,7801,7941,725
Indirect taxes2,3422,5722,6812,8062,986
Equals: GDP at factor cost187,550177,360201,797257,979255,303
Source: Ministry of Planning.
Source: Ministry of Planning.
Table 6.United Arab Emirates: Per Capita GDP and Distribution of GDP at Factor Cost by Emirate, 1997–2001
Emirate1997199819992000Prel.

2001
(In millions of U.A.E. dirhams)
Gross domestic product (GDP)187,550177,360201,797257,979255,303
Abu Dhabi110,30296,772112,194159,624152,975
Dubai47,87949,87655,81062,33564,590
Sharjah17,62717,88519,86621,38022,450
Ajman3,2623,5453,8884,0064,166
Umm al-Qaiwan1,0661,1971,3061,4051,471
Ras al-Khaimah4,8385,2185,6365,9406,225
Fujairah2,5762,8673,0973,2893,427
(In U.A.E. dirhams)
Per capita GDP70,72062,58366,53479,45173,195
Abu Dbabi106,67587,65694,999126,085112,316
Dubai62,58760,67663,06265,47862,769
Sharjah40,06138,29839,89240,41639,946
Ajman23,46823,47723,56422,38021,255
Umm al-Qaiwan27,33328,50029,02228,67328,288
Ras al-Khaimah31,82932,81834,15834,53534,392
Fujairah31,03632,21332,94732,89032,330
Source: Ministry of Planning.
Source: Ministry of Planning.
Table 7.United Arab Emirates: Gross Fixed Capital Formation by Sector at Current Prices, 1997–2001

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Total fixed investment50,95152,19553,91657,39859,823
Oil sector7,5756,3857,1807,2807,530
Other sectors43,37645,81046,73650,11852,293
Agriculture1,0581,5541,4131,5341,644
Industry13,64714,10814,49717,37418,859
Mining and quarrying114120123154164
Manufacturing 1/7,5856,7937,7409,57010,283
Electricity and water3,3484,4703,7644,6005,359
Construction2,6002,7252,8703,0503,053
Services28,67130,14830,82631,21031,790
Trade4,1314,3204,7175,4925,844
Wholesale and retail trade1,9002,0392,2672,5052,557
Restaurants and hotels2,2312,2812,4502,9873,287
Transportation, storage, and communications8,80610,31010,8529,7229,956
Finance and insurance220236279289295
Real estate9,8109,61710,47811,09610,099
Other services 2/5,7045,6654,5004,6115,596
Source: Ministry of Planning.

Includes investment in natural gas and petroleum-processing industries.

Includes repair services.

Source: Ministry of Planning.

Includes investment in natural gas and petroleum-processing industries.

Includes repair services.

Table 8.United Arab Emirates: Oil and Gas Production, Exports, and Prices, 1997–2001
1997199819992000Prel.

2001
(In millions of barrels per day)
Crude oil and condensates2.432.432.262.412.44
Crude oil2.242.262.082.192.12
Abu Dhabi1.992.021.851.991.94
Dubai and others 1/0.250.240.230.200.18
Condensates0.190.170.180.220.32
Refinery output0.230.230.230.300.52
Oil and product exports2.182.282.172.332.28
Crude oil1.982.031.902.051.94
Abu Dhabi1.741.831.701.851.80
Dubai and others 1/0.240.200.200.200.14
Condensates0.110.170.180.130.10
Refined products0.090.080.090.150.24
(In billions of cubic meters)
Natural gas production 2/32.7033.4034.6035.9041.30
LNG exports7.737.417.227.117.46
NGL exports11.0011.8711.1112.3011.50
(In millions of U.S. dollars)
Oil and product exports15,30010,40014,20023,40019,900
Crude oil13,8009,20012,40020,40016,800
Abu Dhabi12,1008,20011,00018,50015,600
Dubai and others1,7001,0001,4001,9001,200
Condensates8008001,2001,300900
Refined products7004006001,7002,200
LNG and NGL exports2,9002,1002,3003,7003,400
Total oil and gas exports18,20012,50016,50027,10023,300
Memorandum item:
Average oil export price
(in U.S. dollars per barrel)18.8012.5717.4827.2123.78
Source: Abu Dhabi National Oil Company.

Sharjah and Ras Al-Khaimah.

Net after re-injection into wells.

Source: Abu Dhabi National Oil Company.

Sharjah and Ras Al-Khaimah.

Net after re-injection into wells.

Table 9.United Arab Emirates: NGLs, LNG, and Refined Product Exports, 1997–2001

(In thousands of metric tons)

1997199819992000Prel.

2001
Total NGL exports7,9738,6017,9508,9168,349
LPG5,9666,2916,0026,4516,000
Abu Dhabi5,1565,5415,2525,7015,200
Dubai450300300300300
Sharjah360450450450500
Pentane plus2,0072,3101,9482,4652,349
Abu Dhabi1,5071,8101,5481,9151,799
Of which
ADNOC650833685946920
ADGAS500477500530479
Other emirates500500400550550
LNG exports (ADGAS)5,6045,3725,2295,1495,406
Refined products exports4,0343,6884,0316,78910,095
Source: Abu Dhabi National Oil Company.
Source: Abu Dhabi National Oil Company.
Table 10.United Arab Emirates; Average Crude Oil Prices, 1997–2001

(In U.S. dollars per barrel)

19971998199920002001
Murban19.4912.6117.9727.7324.15
Lower Zakum19.5112.6117.9927.7824.19
Umm-Shaif19.2412.3717.7427.5323.91
Upper Zakum18.1711.7817.1026.4022.98
Dubai platts18.1312.1717.2126.1522.81
Source: Abu Dhabi National Oil Company.
Source: Abu Dhabi National Oil Company.
Table 11.United Arab Emirates: Agricultural Production, 1997–2001

(In thousands of metric tons)

1997199819992000Prel.

2001
Plant products
Dates and fruits3003335357981,018
Vegetables1,4111,5541,6622,622681
Other crops4865075251,4953,532
Animal products
Meat2022232529
Poultry3026292728
Eggs (in millions)256252236262310
Milk and dairy products117118142163179
Fish products109119115117124
Sources: Ministry of Planning and Ministry of Agriculture and Fisheries.
Sources: Ministry of Planning and Ministry of Agriculture and Fisheries.
Table 12.United Arab Emirates: Population by Emirate, 1997–2001

(In thousands)

Emirate1997199819992000Prel.

2001
Abu Dhabi1,0341,1041,1811,2661,362
Dubai7658228859521,029
Sharjah440467498529562
Ajman139151165179196
Umm al-Qaiwan3942454952
Ras al-Khaimah152159165172181
Fujairah838994100106
Total2,6522,8343,0333,2473,488
Source: Ministry of Planning.
Source: Ministry of Planning.
Table 13.United Arab Emirates: Sectoral Distribution of Civilian Employment, 1997–2001 1/

(In thousands)

1997199819992000Prel.

2001
Civilian employment1,3661,4371,6321,7371,853
Oil sector2121222326
Other sectors1,3461,4171,6101,7131,827
Agriculture107113120120128
Industry462482513547578
Mining and quarrying44444
Manufacturing 2/184197210226241
Electricity, gas, and water2324283031
Construction252257271287302
Services7778229811,0461,121
Trade283300392409448
Wholesale and retail trade227236322336371
Restaurants and hotels5763707277
Transport and communications97100105108109
Finance and insurance2123232323
Real estate3335374248
Government services147155182204214
Social and personal services6266718187
Domestic household services133144170179191
Source: Ministry of Planning.

Excludes defense personnel.

Includes natural gas and petroleum-processing industries.

Source: Ministry of Planning.

Excludes defense personnel.

Includes natural gas and petroleum-processing industries.

Table 14.United Arab Emirates: Labor Market Indicators, 1995
Abu DhabiDubaiSbarjahAjmanUmm al-

Qaiwan
Ras al-

Khaimah
FujairahTotal
Population (in thousands)
Male650.7478.2254.372.820.984.045.81,606.8
Female291.7211.2148.548.714.459.330.4804.2
Total942.5689.4403.0121.535.4143.376.22,411.0
Labor force participation rate (in percent)
Male74.479.869.565.662.359.957.973.4
Female16.723.520.022.220.016.715.619.4
Total56.562.651.248.345.142.040.255.4
Labor force (in thousands) 1/
Male484.1381.7176.647.813.150.326.51,180.1
Female48.949.629.710.82.99.94.1155.8
Total532.9431.3206.358.615.960.230.61,335.9
Female share in labor force (in percent)
19959.211.514.418.518.116.513.511.7
19858.59.411.39.912.312.810.89.6
Unemployment (in percent of labor force)
Male1.31.42.33.16.43.52.61.7
Female2.42.02.81.73.43.31.82.4
Total1.41.52.42.85.83.52.51.8
Source: Ministry of Planning, 1995 census.

Economically active population aged 15 years and older.

Source: Ministry of Planning, 1995 census.

Economically active population aged 15 years and older.

Table 15.United Arab Emirates: Average Annual Compensation by Economic Sector, 1997–2001 1/2/

(In thousands of U.A.E. dirhams)

1997199819992000Prel.

2001
Crude oil88.388.186.586.681.1
Agriculture15.916.016.015.815.2
Mining and quarrying26.427.026.826.927.0
Manufacturing 3/23.623.623.023.022.9
Electricity, gas, and water48.645.643.542.242.5
Construction32.433.533.332.532.0
Wholesale and retail trade 4/27.127.226.426.125.0
Restaurants and hotels21.321.922.022.221.8
Transport, storage, and communications38.940.845.156.057.4
Finance and insurance98.397.6100.6102.5103.5
Real estate27.727.927.427.226.0
Government services76.382.080.283.384.7
Social and personal services28.628.628.227.127.0
Household services10.310.19.49.29.0
Weighted average36.934.233.734.934.4
Source: Ministry of Planning.

Calculated on the basis of wages and allowances and the number of workers in each sector.

Excludes defense personnel.

Includes natural gas and petroleum processing industries.

Includes repair services.

Source: Ministry of Planning.

Calculated on the basis of wages and allowances and the number of workers in each sector.

Excludes defense personnel.

Includes natural gas and petroleum processing industries.

Includes repair services.

Table 16.United Arab Emirates: Selected Price Indices, 1997–2001

(Annual averages, 1995 = 100)

1997199819992000Prel.

2001
GDP deflator104.097.0105.7122.9117.1
Crude oil deflator108.678.7109.8172.0146.7
Non-oil deflator102.2103.4104.5107.3108.0
Consumer price index104.8106.9109.2110.7113.1
Source: Ministry of Planning.
Source: Ministry of Planning.
Table 17.United Arab Emirates: Consumer Price Index by Major Components, 1998–2001

(Annual averages, 1995 = 100)

Weights 1/199819992000Prel.

2001
Consumer price index100.00106.9109.2110.7113.1
Foodstuffs, beverages, and tobacco14.43110.0112.8113.4113.6
Ready-made clothes and footwear6.74109.1113.5114.2114.6
House rent and related housing items36.1496.096.296.198.1
Furniture and furnishings7.39110.1112.0116.4116.7
Medical care and health services1.85123.1125.7132.5137.0
Transportation and communication14.93118.0126.2130.3133.0
Recreational, educational, and cultural services10.29115.0114.6115.2125.0
Other goods and services8.23111.1113.0116.2116.9
Source: Ministry of Planning.

Weights are derived from 1996 Abu Dhabi household expenditure survey.

Source: Ministry of Planning.

Weights are derived from 1996 Abu Dhabi household expenditure survey.

Table 18.United Arab Emirates: Consolidated Government Finances, 1997–2001

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Total revenue70,49361,42564,20099,99182,480
Hydrocarbons41,14025,50028,05456,02048,526
Non-hydrocarbon, of which:29,35335,92536,14643,97133,954
Customs1,6761,8211,8861,7791,846
Profit transfers2,6523,0513,4623,9363,384
Income tax 1/2,9251,6792,1794,1243,329
Fees and charges5,0395,5544,5814,1735,120
Investment income 2/13,58018,48919,23425,37315,625
Other3,4815,3314,8044,5864,650
Total expenditure and grants64,10171,73075,53884,34896,083
Current expenditure47,42051,48757,93071,24777,372
Wages and salaries 3/4/13,13812,53313,22413,96214,360
Goods and services 4/18,99319,65722,61623,38523,582
Abu Dhabi federal services 5/7,77410,87611,89919,44019,082
Subsidies and transfers7,0988,0179,84913,94519,716
Other418404342516632
Development expenditure10,91213,98713,76511,23013,280
Loans and equity (net) 6/4,5665,0472,4356524,507
Domestic4,5872,8672,564714903
Foreign-212,180-129-623,604
Foreign grants 7/1,2031,2091,4081,219924
Abu Dhabi9831,0451,3611,071664
Federal22016447148260
Overall balance6,392-10,305-11,33815,643-13,603
(In percent of GDP)3.4-5.8-5.66.0-5.3
Financing-6,39210,30511,338-15,64313,603
Resident banks, net597-1,2481,109-10,5302,348
Loans to government-1,2153,4693,086-2,854-1,595
Deposits from government-1,8124,7171,9777,676-3,943
Privatization receipts (Abu Dhabi)2,000
Change in foreign assets (- = increase)-6,98911,55310,229-5,1139,255
Memorandum items:
Overall balance excluding hydrocarbon revenue-34,748-35,805-39,392-40,377-62,129
(In percent of GDP)-18.5-20.1-19.4-15.6-24.2
Non-hydrocarbon revenue excluding investment income15,77317,43616,91218,59818,329
Sources: Federal government; Emirate finance departments; and Fund staff estimates.

Mainly income taxes on gas firms in Abu Dhabi.

Fund staff estimates, based on fiscal accounts and other sources.

Excludes military wages and salaries, which arc in goods and services.

ADWEA expenditure is allocated 25 percent to wages and salaries, 75 percent goods and services.

Mainly military and internal security outlays.

Should be classified as financing, but treated as expenditures in Abu Dhabi accounts.

Intergovernmental grants are netted out in the consolidated accounts.

Sources: Federal government; Emirate finance departments; and Fund staff estimates.

Mainly income taxes on gas firms in Abu Dhabi.

Fund staff estimates, based on fiscal accounts and other sources.

Excludes military wages and salaries, which arc in goods and services.

ADWEA expenditure is allocated 25 percent to wages and salaries, 75 percent goods and services.

Mainly military and internal security outlays.

Should be classified as financing, but treated as expenditures in Abu Dhabi accounts.

Intergovernmental grants are netted out in the consolidated accounts.

Table 19.United Arab Emirates: Government Current Expenditures by Economic Category and Emirate, 1997–2001
1997199819992000Prel.

2001
Wages and salaries 1/13,13812,53313,22413,96214,360
Federal6,4586,6956,9227,2787,448
Abu Dhabi 2/3,2643,3193,5313,6263,528
Dubai 3/3,1252,1542,3282,5682,882
Sharjah249320395439451
Ras al Khaimah 4/4245485151
Goods and services18,99319,65722,61623,38523,582
Federal8,7608,8518,7888,6688,820
Abu Dhabi 217,4168,41010,53310,45911,261
Dubai2,6202,0662,8953,8383,080
Sharjah197330400420421
Subsidies and transfers7,0988,0179,84913,94519,716
Federal2,1532,4903,3573,7343,867
Abu Dhabi4,5844,3176,1489,58314,981
Dubai3091,124254558789
Sharjah1650523039
Ras al Khaimah 4/3636384040
Other8,19211,28012,24119,95619,714
Federal
Abu Dhabi 5/7,77410,87611,89919,44019,082
Dubai279257188365495
Sharjah2735403521
Ras al Khaimah 4/112112114116116
Total current expenditure47,42051,48757,93071,24777,372
Federal17,37118,03619,06719,68020,135
Abu Dhabi23,03726,92232,11143,10748,852
Dubai6,3335,6015,6657,3297,246
Sharjah489735887924932
Ras al Khaimah 4/190193200207207
Sources: Federal and Emirate governments.

Excludes military wages and salaries.

Includes pro-rated water and electricity outlays for ADWEA expenditures.

Includes military wages and salaries through 1997.

Data for 2000-01 estimated.

Mainly federal services consisting of military and internal security outlays.

Sources: Federal and Emirate governments.

Excludes military wages and salaries.

Includes pro-rated water and electricity outlays for ADWEA expenditures.

Includes military wages and salaries through 1997.

Data for 2000-01 estimated.

Mainly federal services consisting of military and internal security outlays.

Table 20.United Arab Emirates: Federal Government Financial Operations, 1997–2002

(In millions of U.A.E. dirhams)

1997199819992000Budget.

2001
Prel.

2001
Budget.

2002
Total revenue and grants19,53219,25820,26820,27720,42520,82520,987
Revenues6,1085,9386,8866,9656,7367,4227,298
Enterprise profits 1/2,3021,8012,3512,8272,2782,3502,177
Electricity and water3234005080000
Other fees and charges3,4833,7374,0274,1384,4585,0725,121
Grants from Emirates13,42413,32013,38213,31213,68913,40313,689
Abu Dhabi12,22412,12012,18212,11212,48912,20312,489
Cash contributions5,6005,6005,6005,6005,6005,6005,600
Federal services 2/6,5506,5176,5716,3646,6296,3436,629
Foreign grants on federal account 2/74311148260260260
Dubai1,2001,2001,2001,2001,2001,2001,200
Total expenditure and grants18,18719,78820,20520,70223,03321,01823,156
Current expenditures17,37118,03619,06719,68021,43120,13521,531
Wages and salaries 3/6,4586,6956,9227,2787,8167,4488,188
Goods and services8,7608,8518,7888,6688,9458,8209,428
(By ministries)
(Interior and defense) 4/8,4668,8788,9538,6888,8118,7969,381
(Education and health)4,5354,6854,7715,0795,4465,2435,654
(Other ministries)2,2171,9831,9862,1792,5042,2302,582
Subsidies and transfers 3/2,1532,4903,3573,7344,5003,8673,915
Development expenditures529970823518862418873
Equity positions67618268356370205376
Domestic48613252356370205376
Foreign195160000
Foreign grants22016447148370260376
Overall balance1,345-53063-425-2,608-193-2,169
Memorandum items:
Abu Dhabi federal services 5/7,77410,87611,89919,44019,08218,796
Balance on pension fund operations 6/n.a.n.a.1,9701,274
Sources: Ministry of Finance and Industry; Abu Dhabi Finance Department; and Fund staff estimates.

Dividends and payouts by Etisalat and other enterprises, including the Central Bank.

Amount budgeted by federal government, but outlays are made by Abu Dhabi.

Beginning 2002, military pension payments of Interior Ministry are classified as wages and salaries.

Partly financed by grants from Abu Dhabi.

Mainly military and internal security expenditures not included in the federal accounts.

Pension fund established in 1999; not included in federal accounts.

Sources: Ministry of Finance and Industry; Abu Dhabi Finance Department; and Fund staff estimates.

Dividends and payouts by Etisalat and other enterprises, including the Central Bank.

Amount budgeted by federal government, but outlays are made by Abu Dhabi.

Beginning 2002, military pension payments of Interior Ministry are classified as wages and salaries.

Partly financed by grants from Abu Dhabi.

Mainly military and internal security expenditures not included in the federal accounts.

Pension fund established in 1999; not included in federal accounts.

Table 21.United Arab Emirates: Pension Fund Operations, 2000–01 1/

(In millions of U.A.E. dirhams)

2000Prel.

2001
Revenue2,1311,467
Employer contributions742552
Employee contributions246184
Investment income11095
Other government receipts 2/5000
Other receipts 3/533636
Expenditures161193
Pensions paid89139
Other employee benefits5935
Operating expenses1319
Other outlays00
Balance on operations1,9701,274
Memorandum item:
Assets at year-end1,9703,244
Source: General Pension and Social Security Authority (GPSSA).

The GPSSA was established in January 1999.

Initial endowment/capital from federal authorities.

Transfers from Ministry of Finance and Industry, Etisalat, and others to fund pensions.

Source: General Pension and Social Security Authority (GPSSA).

The GPSSA was established in January 1999.

Initial endowment/capital from federal authorities.

Transfers from Ministry of Finance and Industry, Etisalat, and others to fund pensions.

Table 22.United Arab Emirates: Federal Subsidies and Transfers, 1997–2002

(In millions of U.A.E. dirhams)

1997199819992000Budget.

2001
Prel.

2001
Budget.

2002
Subsidies1,2681,4531,4002,0832,1902,0702,085
Zayed University000420190190210
U.A.E. University607700675686716658757
Higher College of Technology299360409405520520545
Electricity and water 1/3341002103
Emirates Media, Inc.169214203188200180200
Accumulated settlements 2/102400300
Other91172110380461260270
Transfers8851,0371,9571,6512,3102,0571,830
Pension Fund 3/675787904774820809340
Marriage Fund210250237227250216250
Zayed Housing Program 4/500354640562640
General Pension and Social Security Authority 5/316296600470600
Total2,1532,4903,3573,7344,5003,8673,915
(In percent of GDP)1.11.41.71.41.5
Source: Ministry of Finance and Industry.

For federal water and power fund in northern emirates.

To clear prior year budget shortfalls in universities.

Beginning 2002, military pension payments are classified as wages and salaries.

Law requires budget projection of Dh 640 million.

Transfers to fund pension payments for federal workers retiring in current year.

Source: Ministry of Finance and Industry.

For federal water and power fund in northern emirates.

To clear prior year budget shortfalls in universities.

Beginning 2002, military pension payments are classified as wages and salaries.

Law requires budget projection of Dh 640 million.

Transfers to fund pension payments for federal workers retiring in current year.

Table 23.United Arab Emirates: Federal Development Expenditures, 1997–2002

(In millions of U.A.E. dirhams)

1997199819992000Budget.

2001
Prel.

2001
Budget.

2002
Agriculture1326183725
Electricity and water304553050000
Transport and communications2325347253113291
Public works and housing7417827416913610184
Education19610610414315269166
Health40554810632464
Interior and justice3423283210574137
Foreign affairs1078537971002185
Other1217617461441
Total529970823518862418873
Source: Ministry of Finance and Industry.
Source: Ministry of Finance and Industry.
Table 24.United Arab Emirates: Abu Dhabi Fiscal Operations, 1997–2002

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Budget.

2002
Total revenue53,33744,58746,63479,84662,97232,220
Crude oil royalties and taxes34,34921,42823,23248,63342,36621,870
Nonhydrocarbon18,98823,15923,40231,21320,60610,350
Customs293318319262276256
Water and electricity1,2161,38012000
Income tax 1/2,7971,5171,9963,9583,1221,638
Investment income 2/13,58018,48919,23425,37315,6257,128
Other1,1021,4551,8411,6201,5831,328
Total expenditure and grants48,24454,45056,76163,78476,27960,171
Current expenditures23,03726,92232,11143,10748,85239,734
Wages and salaries2,6422,7302,9933,1353,2153,440
Goods and services5,5516,6428,9188,98710,3239,077
Federal services 3/7,77410,87611,89919,44019,08217,743
Water and electricity2,4862,3572,1531,9621,2510
Subsidies and transfers4,5844,3176,1489,58314,9819,474
Development expenditures7,6089,9808,9447,45210,4247,291
Water and electricity1,5112,3872,1211,3353,25916
Other6,0977,5936,8236,1177,1657,275
Loans and equity (net)4/4,3924,3832,163433,952-437
Domestic4,4392,2082,308105348-382
Building and housing loans3,0571,757891-118-1,094-390
Equity1,3824511,4172231,4428
Foreign loans-472,175-145-623,604-55
Grants13,20713,16513,54313,18213,05113,583
Cash contributions to federal government5,6005,6005,6005,6005,6005,600
Federal services 5/6,5506,5176,5716,3646,3436,629
Foreign grants on federal account 5/74311147444496
Foreign grants 6/9831,0451,3611,071664858
Overall balance5,093-9,863-10,12716,062-13,307-27,951
Memorandum items:
Overall balance excluding loans and equity9,438-3,305-8,10916,043-5,751-28,443
Balance net of investment income-8,487-28,352-29,361-9,311-28,932-35,079
Privatization receipts from ADWEA 7/2,000
Source: Department of Finance of Abu Dhabi.

Income taxes are entirely from ADGAS and GASCO.

Fund staff estimates; not included in Finance Department accounts.

Mainly defense and security outlays; not included in the federal accounts.

Financing items under international standards, but treated as expenditure in AD accounts.

Outlays made by Abu Dhabi, but included in the federal accounts.

Foreign grants on Abu Dhabi account.

Sale of electricity and water assets; shown as receipts in Abu Dhabi fiscal accounts.

Source: Department of Finance of Abu Dhabi.

Income taxes are entirely from ADGAS and GASCO.

Fund staff estimates; not included in Finance Department accounts.

Mainly defense and security outlays; not included in the federal accounts.

Financing items under international standards, but treated as expenditure in AD accounts.

Outlays made by Abu Dhabi, but included in the federal accounts.

Foreign grants on Abu Dhabi account.

Sale of electricity and water assets; shown as receipts in Abu Dhabi fiscal accounts.

Table 25.United Arab Emirates: Abu Dhabi Development Expenditures, 1997–2002

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Budget.

2002
Agriculture445706688907845968
Electricity and water 1/1,5112,3872,1211,3363,25916
Industry and commerce1242009393192253
Transport and communications9561,3832,8692,2722,6642,484
Housing8299711,004807693370
Urban development2,5093,0631,1228401,1021,102
Sewerage756848565590729865
Sports and recreation457403419464694599
General administration211963143246634
Total7,6089,9808,9447,45210,4247,291
Source: Department of Finance of Abu Dhabi.

Certain expenditures were reclassified as from 1999.

Source: Department of Finance of Abu Dhabi.

Certain expenditures were reclassified as from 1999.

Table 26.United Arab Emirates: Dubai Government Fiscal Operations, 1997–2002

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Budget

2002
Total revenue9,2859,0778,72411,07110,20110,366
Nontax revenue7,9197,5627,1639,5408,5798,887
Oil and gas5,6633,2663,6705,8754,9494,998
Enterprise profits 1/3501,2501,1111,1091,0341,000
Other 2/1,9063,0462,3822,5562,5962,889
Tax revenue1,3661,5151,5611,5311,6221,479
Customs 3/1,2381,3531,3781,3651,4151,269
Income tax 4/128162183166207210
Total expenditure9,4898,8399,85011,14710,55911,599
Current6,3335,6015,6657,3297,2468,437
Wages and salaries3,1252,1542,3282,5682,8823,245
Goods and services 2/5/2,6202,0662,8953,8383,0803,891
Subsidies and transfers 6/3091,124254558789709
Other279257188365495592
Development1,8491,9922,9812,3651,7631,957
Loans and equity (net)1074642533505
Domestic1004642533505
Foreign700000
Grants:
Contribution to federal government1,2001,2001,2001,2001,2001,200
Overall balance-204238-1,126-76-358-1,233
Source: Department of Finance of Dubai.

Includes DUBAL, DUGAS, Emirates Airlines, Jebel Ali, and other public enterprises.

Some years affected by timing irregularities.

All revenues associated with trade and port operations; more than customs duties.

Taxes on foreign banks.

Includes interest and amortization on some bank loans.

Excludes Water and Electricity, which is settled in an off-budget account.

Source: Department of Finance of Dubai.

Includes DUBAL, DUGAS, Emirates Airlines, Jebel Ali, and other public enterprises.

Some years affected by timing irregularities.

All revenues associated with trade and port operations; more than customs duties.

Taxes on foreign banks.

Includes interest and amortization on some bank loans.

Excludes Water and Electricity, which is settled in an off-budget account.

Table 27.United Arab Emirates: Sharjah Government Fiscal Operations, 1997–2002 1/

(In millions of U.A.E. dirhams)

1997199819992000Budget

2001
Prel.

2001
Budget

2002
Total revenue1,5411,6001,7281,8771,5371,6531,404
Oil and gas1,1288061,1521,5121,1401,2111,010
Non-oil413794576365397442394
Departmental receipts293369376340362397364
Port authority65798060627570
Customs145150189152150155145
Fees and charges12322828324135
Other, of which:7110879100118126114
Airport679099
Land sales and profit transfers12042520025354530
Total expenditure1,3451,7101,8321,7441,4551,5321,455
Current489735887924955932955
Wages and salaries249320395439460451465
Goods and services197330400420425421427
Subsidies and transfers 2/16505230453940
Other27354035252123
Development856975945820500600500
Overall balance196-110-10413382121-51
Source: Sharjah Department of Finance.

Excludes operations of Sharjah Municipality.

Mainly universities; does not include support for water and electricity operations.

Source: Sharjah Department of Finance.

Excludes operations of Sharjah Municipality.

Mainly universities; does not include support for water and electricity operations.

Table 28.United Arab Emirates: Monetary Survey, 1997–2002

(In millions of U.A.E. dirhams)

New Compilation 1/August
End of Period Stock1997199819992000200020012002
Net foreign assets62,36562,73767,00088,111115,045120,685125,482
Foreign assets108,151116,080121,971141,112142,217151,879153,838
Central bank31,43134,14840,16350,75950,75952,47150,971
Commercial banks 2/76,72081,93281,80890,35391,45999,408102,867
Foreign liabilities45,78653,34354,97153,00127,17231,19428,356
Central bank5211403587587516223
Commercial banks 2/45,73453,33254,56852,41426,58530,67828,133
Domestic assets32,48836,08743,12838,88926,49635,79540,752
Claims on government (net)-7,559-8,807-7,698-18,228-30,625-28,277-27,700
Claims8,09911,56814,65411,80011,80010,20511,403
Deposits15,65820,37522,35230,02842,42538,48239,103
Claims on public sector enterprises5,5115,2365,5815,7805,7805,2586,027
Claims on private nonbanks92,735105,895113,430123,313123,313134,132141,631
Capital and reserves-26,981-31,430-33,517-35,833-35,834-38,377-40,774
Other items (net)-31,218-34,807-34,668-36,143-36,138-36,941-38,432
Central bank-12,906-13,933-16,261-26,292-26,292-27,994-27,503
Commercial banks 2/-18,312-20,874-18,407-9,851-9,846-8,947-10,929
Domestic liquidity94,85498,824110,128127,000141,540156,476166,234
Money25,36827,78330,25034,06734,06739,46445,053
Currency outside banks7,3668,19410,27010,01710,01710,53710,803
Dirham demand deposits18,00219,58919,98024,05024,05028,92734,250
Quasi-money69,48671,04179,87892,933107,473117,012121,181
Foreign currency deposits18,57019,73123,35428,42835,75437,18940,107
Dirham time and savings deposits50,91651,31056,52464,50571,71979,82381,074
Memorandum items:
Dirham-denominated liquidity76,28479,09386,77498,572105,786119,287126,127
Change in percent9.53.79.713.621.05.7
Foreign currency deposits of residents18,57019,73123,35428,42835,75437,18940,107
Change in percent8.16.318,421.730,87.8
Ratio of foreign currency deposits to total deposits (in percent)21.221.823.424.327.025.525.8
Source: Central Bank of the United Arab Emirates.

Data reflect 2001 change in compilation, which now treats offshore affiliates of local banks as if they were resident entities.

Including the restricted license bank.

Source: Central Bank of the United Arab Emirates.

Data reflect 2001 change in compilation, which now treats offshore affiliates of local banks as if they were resident entities.

Including the restricted license bank.

Table 29.United Arab Emirates: Factors Affecting Domestic Liquidity, 1997–2002 1/

(Annual changes in millions of U.A.E. dirhams)

New Compilation 2/Nov. 3/
End of Period1997199819992000200020012002
Net foreign assets-1,0653724,26321,11113,8225,64012,659
Foreign assets7,3267,9295,89119,14118,5879,66210,272
Central bank1,1682,7176,01510,59610,5961,7123,894
Commercial banks6,1585,212-1248,5459,6517,9496,378
Foreign liabilities-8,391-7,557-1,6281,9704,7654,022-2,387
Central bank2341-392-184184-71-247
Commercial banks 2/-8,414-7,598-1,2362,1544,5814,093-2,140
Domestic assets8,9353,5997,041-4,2393409,2993,989
Claims on government (net)597-1,2481,109-10,530-5,9532,3481,529
Claims-1,2153,4693,086-2,854-2,854-1,5953,165
Deposits 2/1,812-4,717-1,977-7,6763,099-3,9431,636
Claims on public sector enterprises442-275345199199-5221,940
Claims on private nonbanks11,34913,1607,5359,8829,88310,81912,858
Capital and reserves-2,162-4,449-2,087-2,316-2,317-2,543-3,256
Other items (net)-1,280-3,589139-1,475-1,472-803-9,082
Central bank549-1,027-2,328-10,031-10,031-1,702-3,461
Commercial banks-1,829-2,5622,4678,5568,559899-5,621
Domestic liquidity7,8713,97011,30416,87214,16114,93616,652
Money3,1022,4152,4673,8173,8155,3977,285
Currency outside banks5998282,076-253-2555201,801
Dirham demand deposits2,5031,5873914,0704,0704,8775,484
Quasi-money4,7691,5558,83713,05510,3469,5399,367
Foreign currency deposits1,2591,1613,6235,0742,7831,4355,654
Dirham time and savings deposits3,5103945,2147,9817,5638,1043,713
Source: Central Bank of the United Arab Emirates.

Data reflect 2001 change in compilation, which now treats offshore affiliates of local banks as if they were resident entities.

Including the restricted license bank.

Change vis-a-vis end-December 2001.

Source: Central Bank of the United Arab Emirates.

Data reflect 2001 change in compilation, which now treats offshore affiliates of local banks as if they were resident entities.

Including the restricted license bank.

Change vis-a-vis end-December 2001.

Table 30.United Arab Emirates: Summary Accounts of the Central Bank, 1997–2002 1/

(In millions of U.A.E. dirhams)

November
End of Period199719981999200020012002
Foreign assets31,43134,14840,16350,75952,47156,365
Claims on banks28,31423,08621,21828,66231,10849,334
Loans and investments1,1488,72416,88520,19020,0005,509
Other 2/9631,1879891,126533356
IMF reserve position1,0061,1511,0717818301,166
Net claims on government-1,006-1,151-1,071-781-830-1,166
Claims000000
Less: IMF reserve position1,0061,1511,0717818301,166
Claims on public sector enterprises000000
Claims on private nonbanks 3/171921242940
Claims on commercial banks505050505050
Unclassified assets73727084118482
Total assets/liabilities30,56533,13839,23350,13651,83855,771
Foreign liabilities5211403587516269
Reserve money15,00616,23320,09920,28821,60825,840
Currency outside banks7,3668,19410,27010,01710,53712,338
Cash held by banks1,2821,4262,6242,2281,7832,325
Banks1 deposits6,3586,6137,2058,0439,28811,177
Certificates of deposit5,2884,0926,42915,62416,77912,278
Government deposits 4/8,6189,37810,61911,54611,0639,617
Capital and reserves1,5001,5001,5601,5601,5601,560
Unclassified liabilities 5/1011,9241235313126,207
Source: Central Bank of the United Arab Emirates.

2001 change in compilation does not affect central bank accounts.

Mainly gold, valued at cost.

Staff loans.

Mainly foreign currency deposits.

Includes undistributed profits.

Source: Central Bank of the United Arab Emirates.

2001 change in compilation does not affect central bank accounts.

Mainly gold, valued at cost.

Staff loans.

Mainly foreign currency deposits.

Includes undistributed profits.

Table 31.United Arab Emirates: Balance Sheets of Commercial Banks, 1996–2002 1/2/

(In millions of U.A.E. dirhams)

New Compilation 2/November
End of Period1997199819992000200020012002
Reserves7,6358,0359,82710,27110,27111,07013,501
Cash1,2821,4262,6242,2282,2281,7832,325
Deposits with central bank6,3536,6097,2038,0438,0439,28811,176
Foreign assets76,15281,19580,83389,81090,91698,506105,677
Notes and coins41414239394748
Due from head offices and branches1,8282,6604,4245,0976,2039,47812,364
Money at call and short notice5,1633,3451,7502,1172,1171,8032,270
Demand and time deposits45,81348,79945,37448,58248,58247,12737,063
Investments10,41311,20412,61614,76114,76120,40427,980
Loans and advances11,50413,53214,97216,99016,99018,22324,451
Other1,3901,6141,6552,2242,2241,4241,501
Claims on government9,10512,71915,72512,58112,58111,03514,536
Claims on public sector enterprises 3/5,5115,2365,5815,7805,7805,2587,198
Claims on private nonbanks89,925102,416110,276119,828119,828130,549143,573
Claims on nonbank financial institutions2,6893,4433,0753,3173,3173,4153,365
Central bank certificates of deposit5,2884,0926,42915,62415,62416,77912,278
Unclassified assets 4/5,6576,4996,6327,1117,1117,2307,284
Total assets/liabilities201,962223,635238,378264,322265,428283,842307,412
Monetary deposits18,00219,58919,98024,05024,05028,92734,411
Quasi monetary deposits69,43771,00179,84792,902107,442116,981126,370
Foreign currency18,52119,69123,32328,39735,72337,15442,834
Local currency50,91651,31056,52464,50571,71979,82383,536
Foreign liabilities45,36253,05553,53751,90526,07529,88328,531
Due to head offices and branches31,30136,39633,57126,6302,3772,8691,536
Borrowing from banks abroad6198221,0471,6921,6921,5061,409
Deposits of banks abroad7,4899,20210,92513,52411,94713,84412,997
Nonbank deposits4,4045,0856,3788,1948,1949,81710,829
Other 5/1,5491,5501,6161,8659,8171,8471,760
Government deposits6,94810,92011,67118,44130,83727,38230,473
Government lending funds92776241413728
Credit from central bank505154525255448
Capital and reserves25,43529,88331,91034,22634,22636,76940,025
Unclassified liabilities36,63739,05941,31742,70542,70543,80847,126
Source; Central Bank of the United Arab Emirates.

Excluding accounts of the restricted license bank.

Data reflect 2001 change in compilation, which now treats offshore affiliates of local banks as if they were resident entities.

Commercial enterprises with significant government ownership, including Dubai Aluminum Company, Dubai Gas Company, Abu Dhabi National Oil Company, other oil and gas companies owned by Abu Dhabi, and cement companies established by several Emirate governments.

Includes net lending to restricted license bank.

Includes commercial prepayments.

Source; Central Bank of the United Arab Emirates.

Excluding accounts of the restricted license bank.

Data reflect 2001 change in compilation, which now treats offshore affiliates of local banks as if they were resident entities.

Commercial enterprises with significant government ownership, including Dubai Aluminum Company, Dubai Gas Company, Abu Dhabi National Oil Company, other oil and gas companies owned by Abu Dhabi, and cement companies established by several Emirate governments.

Includes net lending to restricted license bank.

Includes commercial prepayments.

Table 32.United Arab Emirates: Balance Sheet of Restricted License Bank, 1997–2002 1/

(In millions of U.A.E. dirhams)

November
End of Period19971998199920002001 2/2002 2/
Reserves443353
Cash000000
Deposits with central bank443353
Foreign assets568737975543902109
Claims on government000000
Claims on public sector enterprises000000
Claims on private nonbanks104175814413912
Claims on banks1021362491131101
Other assets2211110
Total assets/liabilities7808961,2868041157135
Foreign liabilities3722771,0315097959
Quasi monetary deposits 3/49403131357
Government deposits000000
Liabilities to banks30252316720726956
Capital and reserves464747474848
Other liabilities11910101015
Source: Central Bank of the United Arab Emirates.

Banca Comerciale Italiana; not affected by 2001 change in compilation.

Based on new compilation methodology.

Foreign currency deposits.

Source: Central Bank of the United Arab Emirates.

Banca Comerciale Italiana; not affected by 2001 change in compilation.

Based on new compilation methodology.

Foreign currency deposits.

Table 33.United Arab Emirates: Licensed Commercial Banks, June 2002

(In millions of U.A.E. dirhams)

Head Office and

Branches
Year

Established
Balance

Sheet

(Dh millions)
Abu Dhabi Commercial Bank35198531,206
Abu Dhabi Islamic Bank819977,184
Arbift419764,392
Bank of Sharjah319732,011
Commercial Bank International619912,671
Commercial Bank of Dubai1519696,679
Dubai Islamic Bank13197518,728
Emirates Bank International20197736,328
Emirates Industrial Bank
First Gulf Bank519794,669
InvestBank519753,123
Mashreq Bank30196720,019
Middle East Bank (sub of EBI)132,914
National Bank of Abu Dhabi42196827,715
National Bank of Dubai23196332,695
National Bank of Fujairah519823,030
National Bank of Ras Al Khaimah1119782,881
National Bank of Sharjah919762,678
National Bank of Umm Al Qaiwain1019821,696
Union National Bank27198213,887
United Arab Bank919751,942
Total U.A.E. banks293226,475
Branches of foreign banks 2/10975,461
Sources: Central Bank of the United Arab Emirates.
Sources: Central Bank of the United Arab Emirates.
Table 34.United Arab Emirates: Balance of Payments, 1997–2001 1/

(In billions of U.S. dollars)

1997199819992000Prel.

2001
Trade balance10.84.78.618.815.3
Exports40.833.436.549.648.2
Crude oil and products15.310.414.223.419.9
Crude oil14.610.013.621.717.7
Petroleum products 1/0.70.40.61.72.2
Natural gas2.92.12.33.73.4
Nonhydrocarbon11.89.38.29.410.9
Free zone exports4.04.34.55.56.8
Nonmonetary gold6.03.11.81.92.1
Reexports 2/10.811.611.813.113.9
Imports (f.o.b.)-30.0-28.7-27.9-30.8-32.8
Imports by Emirates-20.7-22.3-22.8-23.9-24.8
Free zone imports-3.1-3.2-3.2-4.9-5.9
Nonmonetary gold-6.2-3.2-1.9-2.0-2.2
Investment income5.77.17.39.66.1
Banking system and private nonbanks2.12.12.12.82.0
Government 3/3.65.05.16.84.1
Services (net)-6.1-5.9-5.9-6.2-6.4
Transfers (net)-3.6-3.7-3.9-4.0-4.6
Private-3.4-3.4-3.6-3.7-4.0
Official-0.2-0.2-0.3-0.3-0.6
Current account balance6.72.26.018.310.4
Financial account balance 4/-1.12.44.2-7.4-2.2
Private capital (net)0.8-0.81.7-3.6-3.0
Commercial banks0.60.60.4-2.9-2.9
Private nonbanks0.2-1.41.3-0.7-0.1
Official capital 5/-1.73.12.6-3.70.8
Errors and omissions-5.3-3.8-8.7-8.1-8.1
Overall balance0.30.81.52.80.5
Change in central bank net foreign assets (-=increase)-0.3-0.8-1.5-2.8-0.5
Sources: National authorities; and Fund staff estimates.

Including fertilizers and lubricants.

Authorities estimates.

Fund staff estimates.

No data are collected on the capital account.

Mainly changes in official external assets, including estimates for ADNOC profit transfers.

Sources: National authorities; and Fund staff estimates.

Including fertilizers and lubricants.

Authorities estimates.

Fund staff estimates.

No data are collected on the capital account.

Mainly changes in official external assets, including estimates for ADNOC profit transfers.

Table 35.United Arab Emirates: Balance of Payments, 1997–2001

(In billions of U.A.E. dirhams)

1997199819992000Prel.

2001
Trade balance39.617.231.669.056.3
Exports149.8122.5134.1182.1176.9
Crude oil and products56.238.252.185.973.1
Crude oil53.636.749.979.765.0
Petroleum products 1/2.61.52.26.28.1
Natural gas10.67.78.413.612.5
Non hydrocarbon43.334.030.034.440.1
Exports by Emirates6.66.96.77.27.5
Free zone exports14.615.816.620.224.9
Nonmonetary gold exports22.111.36.77.07.7
Reexports 2/39.742.643.548.251.2
Imports (f.o.b.)-110.2-105.3-102.5-113.1-120.6
Imports by emirates-76.0-82.0-83.8-87.9-91.0
Free zone imports-2.5-2.5-5.9-5.9-7.0
Nonmonetary gold-11.3-11.6-11.9-18.0-21.7
Investment income20.826.126.735.322.3
Banking system and private nonbanks7.67.97.910.27.4
Government 3/13.318.218.925.114.9
Services (net)-22.4-21.9-21.8-22.6-23.4
Credits6.47.17.68.08.3
Debits-28.8-29.0-29.4-30.6-31.7
Transfers (net)-13.3-13.5-14.4-14.6-15.5
Private-12.5-12.6-13.4-13.5-14.4
Official-0.8-0.9-1.0-1.1-1.1
Current account balance24.77.922.167.139.7
Financial account balance-4.08.815.6-27.0-8.2
Private capital (net)3.0-2.86.1-13.3-11.0
Commercial banks2.32.41.4-10.7-10.8
Private nonbanks0.7-5.14.8-2.6-0.2
Official capital 4/-7.011.69.5-13.72.8
Errors and omissions-19.5-13.9-32.1-29.7-29.7
Overall balance1.22.85.610.41.8
Change in central bank net foreign assets (-=increase)-1.2-2.8-5.6-10.4-1.8
Sources: National authorities; and Fund staff estimates.

Including fertilizers and lubricants.

Authorities' estimates.

IMF staff estimates.

Mainly changes in official external assets, including estimates for ADNOC profit transfers.

Sources: National authorities; and Fund staff estimates.

Including fertilizers and lubricants.

Authorities' estimates.

IMF staff estimates.

Mainly changes in official external assets, including estimates for ADNOC profit transfers.

Table 36.United Arab Emirates: Merchandise Imports by Harmonized System Sections, 1997–2001 1/

(In millions of U.A.E. dirhams)

1997199819992000Prel.

2001
Live animals, animal products2,5112,7742,8342,9003,314
Vegetable products4,4624,8544,8155,1355,831
Fats, oil and waxes411415413451461
Foodstuffs, beverages, spirits, and tobacco2,5222,5542,5782,5403,387
Mineral products1,2671,5491,6051,9222,209
Chemicals and related materials5,4665,8975,7505,9986,914
Plastics and rubber3,5893,7903,6683,7604,810
Raw hides, leather, and articles thereof617566550509737
Wood, cork, and articles thereof1,0061,0271,0099591,525
Wood pulp, paper, and paperboard1,2711,3861,3021,3301,714
Textiles and textile articles11,70311,12610,91410,64215,322
Footwear and other accessories1,3601,1831,2381,0171,813
Stone, plaster, cement, ceramic, and glassware1,8782,0352,0362,1032,620
Pearls, precious stones, and precious metals2,6492,6732,9253,4992,481
Base metals and related products7,4738,3068,2638,5879,267
Machinery and electrical equipment19,80622,69122,84524,87126,067
Vehicles and other transport equipment10,20911,72013,06915,88015,464
Optical and medical equipment2,5982,7652,8522,8673,070
Arms and ammunition1422492324
Miscellaneous manufactured goods3,2613,1782,9443,0073,302
Works of art and antiques10710992119122
Total imports84,18090,82291,71198,119110,454
Source: Central Bank of the United Arab Emirates.

Imports of the Emirates of Abu Dhabi, Dubai, and Sharjah.

Source: Central Bank of the United Arab Emirates.

Imports of the Emirates of Abu Dhabi, Dubai, and Sharjah.

Table 37.United Arab Emirates: Merchandise Exports by Harmonized System Sections, 1999–2001 1/

(In millions of U.A.E. dirhams)

19992000Prel.

2001
Live animals, animal products122102201
Vegetable products134112185
Fats, oil and waxes136137168
Foodstuffs, beverages, spirits, and tobacco309343365
Mineral products297349335
Chemicals and related materials297293422
Plastics and rubber131160153
Raw hides, leather, and articles thereof12721
Wood, cork, and articles thereof930
Wood pulp, paper, and paperboard110113146
Textiles and textile articles9421,0051,160
Footwear and other accessories333
Stone, plaster, cement, ceramic, and glassware175162217
Pearls, precious stones, and precious metals237276224
Base metals and related products2,6563,0522,997
Machinery and electrical equipment16324695
Vehicles and other transport equipment158135286
Optical and medical equipment121
Arms and ammunition
Miscellaneous manufactured goods304126
Works of art and antiques12208
Total exports 2/5,9346,5617,012
Source: Central Bank of the United Arab Emirates.

Excluding hydrocarbons; pre-1999 data not available.

Exports by Emirates, excluding free zone exports.

Source: Central Bank of the United Arab Emirates.

Excluding hydrocarbons; pre-1999 data not available.

Exports by Emirates, excluding free zone exports.

Table 38.United Arab Emirates: Direction of Trade: Imports, 1997–2001 1/

(In percent of total)

1997199819992000Prel.

2001
Total imports, c.i.f.100.0100.0100.0100.0100.0
Industrial countries52.052.252.452.752.5
Of which
Japan10.29.910.110.310.2
United States9.49.39.59.69.6
United Kingdom8.78.88.68.88.8
Italy5.25.65.96.16.2
Germany6.96.86.56.56.7
France3.93.83.944.1
Netherlands1.71.81.61.71.5
Australia2.01.91.81.71.6
Switzerland1.61.71.51.41.5
Developing countries47.146.846.546.346.5
Arab countries6.25.85.75.55.6
Of which: Saudi Arabia3.53.12.932.9
Other developing countries40.941.041.241.341.5
Of which
India5.85.96.16.86.7
Korea5.15.45.35.45.3
Hong Kong, SAR0.80.70.70.60.7
China8.07.98.28.48.6
Pakistan1.11.2110.9
Iran1.41.51.41.31.5
Other unspecified0.91.01.11.21.0
Source: IMF, Direction of Trade Statistics.

Based on partner country information.

Source: IMF, Direction of Trade Statistics.

Based on partner country information.

Table 39.United Arab Emirates: Direction of Trade: Exports, 1997–2001 1/

(In percent of total)

1997199819992000Prel.

2001
Total exports (hydrocarbons, reexports)100.0100.0100.0100.0100.0
Industrial countries45.139.745.846.145.9
Of which
Japan35.829.736.536.136.4
United States6.26.42.22.42.1
United Kingdom2.53.31.81.81.9
Australia1.50.81.91.82
France0.20.40.20.30.2
Germany0.50.70.70.90.9
Italy0.20.40.60.70.8
Netherlands0.20.30.20.20.3
Developing countries41.142.942.342.542.4
Arab countries7.09.910.210.410.2
Of which
Oman3.55.13.63.13.4
Saudi Arabia1.31.81.41.71.8
Other developing countries34.133.032.132.832.5
Of which
Korea9.07.67.27.07.1
Iran1.62.03.53.73.8
Singapore4.83.86.46.16.3
India4.96.47.27.47.5
Thailand2.52.62.42.12.3
Kenya0.91.11.11.31.4
Hong Kong, SAK0.80.91.21.11.1
Pakistan3.02.12.02.42.4
Philippines1.10.90.90.80.8
Other unspecified13.817.411.911.411.7
Source: IMF, Direction of Trade Statistics.

Based on partner country information.

Source: IMF, Direction of Trade Statistics.

Based on partner country information.

59This chapter was written by Saeed Mahyoub (MED).
60Note that RGDP also yielded significant correlation with these economic variables (results not shown).

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