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United Arab Emirates, Economy

Since the 1960s the UAE has progressed from a largely subsistence economy to a developed one that provides one of the world’s highest standards of living. The main engine for the extraordinary growth and development of the economy has been the oil sector, although non-oil trade has played a significant role and all the emirates have begun to diversify their economies. The 1998 gross domestic product (GDP) was $46.5 billion. The total workforce of the UAE was estimated at 1,435,691 in 2000, with 65 percent working in services. A unique feature of the UAE’s economy is its dependence on foreign labor. More than 90 percent of the workforce is made up of expatriates.

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