United Arab Emirates & Turkey

United Arab Emirates

Percentage of working population

·         77.35 percent

Percentage of working people on each country

·         Labor force of country is around 4.111 million among which 85 percent of the population in work are expatriates. 

Unemployment rate

·         2.4 percent

Low Unemployment

·         12. 1 percent

Economic growth

·         real growth rate – 4.9 percent

Stable Prices

·         The prices have been almost stable in the country with a periodic rise at a regular interval.

Inflation rate

·         0.9 percent

Balance of Trade

·         Total Revenue – 119.8 billion dollar

·         Total Expenditure – 109.3 billion dollar

·         Taxes and other revenue opportunities – 33.3 percent on GDP

Percentage of Imports and Exports – the money flowing in and out of a country

·         Total export - 281.6 billion dollar

·         Commodities for export – natural gas, dried fish, re-exports, crude oil contributing to 45 percent and dates

·         Partners of export – Among the major exporting partners of the country are: India - 14 percent, Japan – 16.1 percent, South Korea – 5.5 percent, Iran – 10.9 percent, Thailand – 5.4 percent and Singapore – 4.4 percent. 

·         Total Import – 202.1 billion dollar

·         Commodities for import – chemicals, transport and machinery equipment and food.

·         Partners for import – India – 19.8 percent, USA – 8.2 percent, China – 13.9 percent and Germany – 4.6 percent.

GDP

·         per capita – 48,800 dollar

·         official Exchange rate – 360.1 billion dollar

·         Distinguishing by sector – industry – 59.1 percent, agriculture – 0.8 percent, and other services – 40.1 percent.

·         Purchasing power parity – 262.1 billion dollar

(Central Intelligence Agency, 2011)

Turkey

Percentage of working population

·         33.46 percent

Percentage of working people on each country

·         Labor force of country is around 26.69 million among which 1.2 million of nationals work abroad. 

Unemployment rate

·         9.8 percent

Low Unemployment

·         12. 1 percent

Economic growth

·         real growth rate – 8.5 percent

Stable Prices

·         The prices are very fluctuating in the country because of irregular rise in the commodities value and market value.

Inflation rate

·         6.5 percent

Balance of Trade

·         Total Revenue – 176.7 billion dollar

·         Total Expenditure – 187.1 billion dollar

·         Taxes and other revenue opportunities – 22.7 percent on GDP

Percentage of Imports and Exports – the money flowing in and out of a country

·         Total export - 143.4 billion dollar

·         Commodities for export – foodstuffs, metal manufactures, apparel, textiles and transport equipment.

·         Partners of export – Among the major exporting partners of the country are: Italy- 5.8 percent, France – 5 percent, Russia – 4.4 percent, Germany – 10.3 percent, Iraq – 6.2 percent and United Kingdom – 6 percent. 

·         Total Import – 232.9 billion dollar

·         Commodities for import – chemicals, machinery equipment, semi-finished food, transport equipment and fuels.  

·         Partners for import – Russia – 9.9 percent, USA – 6.7 percent, China – 9 percent, Italy – 5.6 percent, Iran – 5.2 percent and Germany – 9.5 percent.

GDP

·         per capita – 14,700 dollar

·         official Exchange rate – 778.1 billion dollar

·         Distinguishing by sector – industry – 27.9 percent, agriculture – 27.9 percent, and other services – 63 percent.

·         Purchasing power parity – 1.087 trillion dollar

(Central Intelligence Agency, 2011)

Observation

UAE has an open economy, its most of the income is based upon oil and gas output, the income is relatively stable with low unemployment rate and there is very less fluctuation in the general prices of commodities. The country is making huge efforts to diversify its income and reducing the country’s GDP dependence on oil and gas. The country’s free trade zone is boosting the industrial sector inside the country. Recession has very hardly affected the company economy rate, the inflation rate in rising, the economy is going down but the country is quickly recovering from the losses. The growth rate has decreased as compared to previous year data while unemployment rate in the region is expected to go higher. The country is increasing the import of items include chemicals, transport and machinery equipment and food with India being the major import country. Major export items include natural gas, dried fish, reexports, crude oil contributing to 45 percent and dates with Japan are the major exporter of the country. Some of the major challenges for the country is its dependency on oil, large percentage of workers are expatriates.  Government is now spending money on creating new job opportunities for the emirates, expansion of the country’s infrastructure and in opening of new utilities which could provide private sector involvement into the country. Diversification is the government only target to achieve and is making regular arrangements for improving the banking and finance condition of the country.

Turkey is a free market with relatively high income opportunities, more labor force and high price fluctuation and growth rate of the country. The country economy is continuously rising owing to the rapid increase in the service and industry sector even though the 25 percent of the country’s population is still dependent upon the agriculture sector for its employment. There has been tremendous rise in the construction, automotive and electronics department of the country. The country is now moving, undertaking many pipelines projects which are reducing the company’s dependency onto import oil and gas requirements. However the inflation rate of the country is very high which has increased badly owing to the global crisis in the year 2009 but overall the country is being performing well the economic growth rate is very high and income ratio of the country is also very good. The country is present among the rapid growing market in the world, playing a leading role in private sector economy having a huge contribution in the transport and communication department. The property rights in the country are well protected but the country’s transition towards bringing economic freedom has been slowed notably. The import items are chemicals, machinery equipment, semi-finished food, transport equipment and fuels.  Major export items include foodstuffs, metal manufactures, apparel, textiles and transport equipment with Germany being the major exporter of the country. The FDI stock value is stood at 99 billion dollar while there has a considerable slowdown in the inward cash flow to the country.

Bibliography

Central Intelligence Agency. (2011). Turkey. Retrieved November 14, 2012, from Central Intelligence Agency: https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html

Central Intelligence Agency. (2011). UAE. Retrieved November 14, 2012, from Central Intelligence Agency: https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html