Introduction
Gross Domestic Product is a macro economic concept considered to be a strong indicator of the country’s standard of living. It usually recognizes the final products that are produced in a country within a given time frame. GDP measures a country’s produce in all sectors of the economy yielding from both the foreigners and residents. In the calculation of GDP some components have to be considered. They include; consumption (denoted as ‘c’), private investments (i), government expenditure (g) and the net exports (nx). Hence, the equation can be summed up to GPD= C+I+G+NX (Solmon, 1980). Consumption relates to income and usually consists 70 percent of the GDP. Consumption is directly related to income in that, the higher the income, the higher the level of productivity. Private investments and the foreign direct investors are attracted by particular conducive infrastructure and tax regulations. Government spending is largely in the development of infrastructure. On the other hand the net exports are derived from the difference between the exports and the imports. The gross domestic product provides a conclusive measure of the changes in an economy with regards to the value of products.
The UAE’s GDP is in line with most of the west European nations (Adams, 2009). The UAE has vast income emanating from the sale of oil. This and global finance have enhanced the GDP of the UAE making it a prominent player in the global front for the past three decades. Oil was discovered in the UAE about 30 years ago and since then, immense transformation has been attained with high standards of living being enhanced. In addition, government spending has ben increased with keen focus on infrastructure development. It is also the government’s responsibility to ensure that sufficient job opportunities are created through great private sector involvement. The UAE’s tax policies are also bait to many potential investors. This is because; the UAE is a free trade zone and offers 100 percent foreign ownership and zero taxes. The UAE’s GDP has not always been bliss. For instance in 2008 the global financial crisis greatly constricted the economy (Report: Dubai 2008).
However, the UAE tried to avert additional harm by boosting liquidity in the banking sector. The economy’s GDP expects to continue with the slow rebound to the initial grid. Among the long term challenges expected are the growing inflation pressure and the large expatriate work force. There exists a strategic plan to keenly focus on diversification. Also, the UAE seeks to create extra opportunities for the nationals by improving the private sector and the educational framework (Carpenter & Marshall Cavendish Corporation, 2006).
With regards to growth rate, the UAE’s gross domestic product has expanded by a 3.30 percentage growth being attained in 2011. On average, the UAE’s gross domestic product has achieved a 6 percent growth rate since 2000 to 2011. It has however experienced an all time high of 11.9 percent in 2003 and a low of -1.6 in 2009. When the GDP growth rate is used to evaluate an economy’s performance, the aggregate value of the changes in goods and services produced by an economy is clearly depicted. It is notable that the UAE has a large trade surplus and a relatively high per capita. Over the years, the UAE has been trying to reduce the portion of the GDP that is attributed to oil. As per 2011, 25 percent of the country’s output was attributed to oil and gas (Ghosh & Prelas, 2009).
Conclusion
Gross domestic product is an economic element that seeks to measure the changes in the value of goods and services in a given country. The UAE’s gross domestic product has been observed to continually achieve growth in the past. The main product has been oil but due to recent diversification strategies, the portion in the GDP has been reduced. Free trade has also encouraged traders and investors from the global scene. These aspects have greatly enhanced the UAE’s gross domestic product to attain stable growth.
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