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The Gross Domestic Product (GDP) in the United Arab Emirates expanded 4.40 percent in 2012 from the previous year. GDP Growth Rate in the United Arab Emirates is reported by the National Bureau of Statistics, UAE. The United Arab Emirates GDP Growth Rate averaged 4.62 Percent from 2000 until 2012, reaching an all time high of 9.80 Percent in December of 2006 and a record low of -4.80 Percent in December of 2009.
It is estimated that the UAE GDP will expanded by 3.8% in 2013 and 3.3% in 2014, in the next two year whereas GDP estimates for other regions such as Europe is significantly lower. United Arab Emirates is one of the most developed countries in the Arab Gulf and has one of world´s highest GDP per capita. The country still has a commodity-based economy, with shipments of oil and natural gas accounting for 40 percent of total exports and for 38 percent of GDP. Yet, in order to diversify the economy and reduce the dependence on oil revenues, UAE has been making huge investments in the tourism, financial and construction sectors.
In 2012, manufacturing activity accounted for 42% of output growth, transport/communication for 23%, wholesale/retail trade for 16.5% and restaurants/hotels for 15.5% while construction and agriculture contracted.