UAE and Turkey - 4 Dimensions - Rashed Buhumaid

Note: Many of the data are not available in 2012, and the ones that are available are not accurate since each website has a different number than the other, so the numbers provided were taken from the latest and most trusted sources.

Country Name	Indicator	2011	2010	2009
	Economic Growth	-	-	-
UAE	GDP	360 Billion	297 Billion	270 Billion
UAE	GDP per capita	45653	39624	38959
UAE	GDP Growth	4.89	1.43	(1.61)
	Stable Prices	-	-	-
UAE	CPI	116.01	115.00	114.00
UAE	Inflation	0.87	0.87	1.5
	Low Unemployment	-	-	-
UAE	Population	7890924	7511690	6938815
UAE	Unemployment	4.3	4.2	3.7
	Balance of Trade	-	-	-
UAE	Current Account Balance	112.7 Billion	26.6 Billion	28 Billion
Country Name	Indicator	2011	2010	2009
	Economic Growth	-	-	-
Turkey	GDP	773 Billion	731 Billion	614 Billion
Turkey	GDP per capita	10,498	10,049	8,553
Turkey	GDP Growth	8.48	9.15	(4.82)
	Stable Prices	-	-	-
Turkey	CPI	163.02	153.11	141.03
Turkey	Inflation	6.47	8.56	6.25
	Low Unemployment	-	-	-
Turkey	Population	73,639,596	72,752,325	71,846,212
Turkey	Unemployment	11.9	14	15
	Balance of Trade	-	-	-
Turkey	Current account balance	(76,906,000,000)	(46,643,000,000)	(13,370,000,000)

The Latest Important Indicators found	UAE	Turkey
GDP	360 Billion	1.2 Trillion
GDP growth	3%	8.49%
Inflation	1.4%	9%
Unemployment	4.6%	7.7%

Economic Growth:  The Economic growth in the UAE according the numbers above is doing quite good since seeing the GDP go up each year from 270 Billion of GDP in 2009 to the latest estimated number of GDP which is 360 Billion which shows you that the economy is improving and growing, also considering the GDP per capita that is increasing every year even though the population is increasing with it, but the UAE still has a growing GDP per capita each year and ending with a nearly 48,000 GDP per capita in 2012 and you can see the difference between it and the compare it with the number it had in 2009. Seeing the GDP growth where the UAE had a negative number in 2009 but reached the positive number in 2010 and 2011, having a percentage of 4.9% in 2011 shows you the improvement in the economy. Turkey wasn’t very different from the UAE since its economy also had similar situations or scenarios considering the data above, the Turkish economy grew in both GDP and GDP per capita which shows that the standard of living is growing there. Turkey also had a negative GDP growth in 2009 but turned it to a positive number in both 2010 and 2011 and ending it up to a percentage of 8.49%, these numbers show you that both countries are growing and produce more goods and services each year.

Stable Prices: Both UAE and Turkey are having a slow increase in their CPIs each year, and that might be risky in the long-term but they are not similar in terms of the inflation where you can see that the UAE had an inflation which was over 1% but in 2011 it went below that number and decreased to 0.87%, but then came back to 1.4% last estimated so the UAE needs to work on controlling the inflation and try to avoid the risk of having high inflation in the future while Turkey is fluctuating in its inflation rate each year and ending up with an inflation rate of 9%, this isn’t very good for Turkey in the long-term since it this indicator might increase more if they didn’t try to control it very soon.

Low Unemployment: In this section Turkey is doing better than UAE, since the UAE is having an increase in its Unemployment rate each year from 2009 to 2012, the increase in the population in the UAE may have been one of the reasons that played a role in increasing the unemployment rate but when comparing it to the Turkish economy, they are having an increase in population too, but seeing their Unemployment rate, they are doing a very good job in lowering their unemployment rate and it’s said that sectors like construction and tourism played a huge role in lowering the unemployment rate in Turkey.

Balance of Trade: In this sector, there is a very big difference between the UAE and Turkey and the numbers above say it all. The UAE had a very huge change in this sector, where its current account changed massively in the 2011 where it was nearly 26 Billion in 2010 and massively changed to 112 Billion, which is a very big change for the UAE economy, and oil exports played a big role in having the UAE ending up with a positive balance. Turkey on the other hand doesn’t have a positive balance, but a negative balance which shows you how much the economy is importing, the economy needs to work on its exporting sector more to try to lower the negative number in the future.

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Student name : Rashed Buhumaid
ID: H00132143