At $360 billion in 2012, the GDP of the UAE ranks second in the CCASG (after Saudi Arabia), third in the Middle East—North Africa (MENA) region (after Saudi Arabia and Iran), and 30th in the world. There are various deviating estimates regarding the actual growth rate of the nation’s GDP, however all available statistics indicate that the UAE currently has one of the fastest growing economies in the world. According to a recent report by the Ministry of Finance and Industry, nominal GDP rose by 20.8% in 2012 to $360 billion, compared with $298 billion in 2011.
Although the United Arab Emirates is becoming less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. The UAE is a member of the World Trade Organization.