As can be read in the focus of the Intesa Sanpaolo Study Centre, during 2012 the GDP of the United Arab Emirates grew, in real terms, at a rate that approached 4%, compared to 4,2% in the previous year. The mining sector, which makes up just over 30% in real terms and almost 40% in nominal terms, it continued to expand, albeit at a lower rate (+3,5% compared to +6,7% in 2011), as there was no need to make up for the production difficulties of other OPEC members, especially Libya. The performance of non-mining related sectors hasInstead, recording an increase in real terms estimated to exceed 4%, especially as regards transport, communication and tourism services. In Dubai, the emirate where the non-oil economy is most developed, the room occupancy rate in hotels exceeded 2012% in 80, while the cost of rents has returned to pre-crisis levels. As for the question, State and household consumption recorded growth in line with that of 2011, where the impact on disposable income of the more contained wage increases was more than offset by the positive wealth effect determined by the good performance of the financial markets, the recovery of real estate and the slowdown in inflation. Investments maintained a double-digit growth rate, driven by the multi-year plan of 58 billion euro for the upgrading of infrastructures funded by the Government. In this context, the confirmation of a framework of political stability compared to neighboring and economically rival countries such as Bahrain and Oman it has sustained the role of the country's commercial hub. Furthermore, the manufacturing sector, mainly made up of energy-intensive industries such as metallurgical and petrochemical, will benefit from the entry into operation of new production units, in particular as regards aluminum processing. In 2013, the non-oil sectors of the economy are expected to grow at a rate of 5% compared to the 4,2% estimated in 2012, but far from the average 8,4% of the five-year period 2004-08.
The Consolidated Budget of the Federal Government and of the seven Emirates recorded a surplus of approximately 2012% of GDP in 7 compared to 2,9% in 2011 and a deficit of 2,1% in 2010. The energy sector contributed in 2012 directly, through royalties, and indirectly, through revenues from government entities operating in the oil and gas sector, to nearly 83% of revenues, while the non-oil sector deficit relative to non-oil GDP fell from 42% in 2011 to 36% in 2012. The Federal Government is responsible for only 11% of expenditure, with the rest being the responsibility of individual emirates, especially Abu Dhabi, being autonomous in tax matters. The fiscal position of the Emirates is in fact more solid than that which emerges from the accounts of the Federation: a portion of Abu Dhabi's oil revenues are not accounted for as budget revenues, but go directly to the Sovereign Wealth Funds. The profits of the Abu Dhabi Oil Company (ADNOC), which are paid directly to the Abu Dhabi Investment Authority (ADIA), are also excluded from the balance sheet.
In 2011 the current account surplus increased to $30,7 billion from $7,2 billion in 2010, thanks mainly to the trade surplus, which widened to 79,45 billion from 49 billion a year earlier, as both hydrocarbon exports and goods in transit to other destinations in Asia (China, Japan and India) and in the Middle East (Iran) grew in value.
In determining the International Financial Position of the Emirates, foreign exchange reserves totaled $40,6 billion at the end of June 2012 where, to the official ones, the foreign investments of the five Sovereign Funds of the Emirates (ADIA, Investment Corporation of Dubai, IPIC, Mubadala, RAK) must be added. According to estimates by the SWF Institute, the five funds at the end of 2012 had total assets of around 800 billion, largely held in foreign securities. According to IIF estimates, total foreign assets at the end of 2012 were close to 600 billion. In view of these activities, the UAE had an external debt estimated at about 160 billion dollars at the end of 2012, equal to 40,5% of GDP. From this point of view, Abu Dhabi, the Emirate with the highest economic weight (over 50% of the total GDP), extracts 95% of the Federation's hydrocarbons and owns ADIA, one of the largest sovereign wealth funds in the world. Dubai, the second Emirate by area and economic importance, with a weight equal to just over 30% of the total GDP, it is the most economically diverse and internationally integrated emirate. Lacking in energy resources, Dubai's economy excels in transport, trade, real estate and finance services. This Emirate, taking advantage of its geographical position, followed a development model focused on services similar to that of Singapore, becoming an important trading center on the Europe-Asia route. The Port of Dubai is now the fourth largest in the world in terms of traffic volumes, where the export activity of goods in transit, mainly to Asian countries (first of all, India and China), reached almost 2011% of total exports in 40. Also, since 2004, the real estate sector has undergone a major boost from law that allowed foreign citizens to buy property in some areas of the country. Dubai has thus become a coveted headquarters for multinationals active in the region and for second homes of affluent classes. The development of the residential settlement areas and services for the tertiary sector was managed by three conglomerates (Dubai Holding, Dubai World and Investment Corporation of Dubai) which, to finance the growth of the sector, have made extensive use of debt. There financial crisis of 2008-09however, by causing the fall in the prices of the financial and real estate assets held, it has put these conglomerates in serious difficulty, in particular Dubai World, which, no longer able to meet their commitments, have had to ask for debt restructuring. A sign that, despite the pull offered by extraction and services, the real estate sector's exposure to international dynamics should be monitored with the necessary caution. Despite this, thanks to the growth in economic performance and domestic demand, the real estate sector in Dubai was able to see a marked recovery in transactions as early as the second half of 2012.
