in 1980–2021 (with IMF staff estimtates in 2022–2027). Inflation below 5% is in green. The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund find them unreliable. External trade With imports totaling $273.5 billion in 2012, UAE passed Saudi Arabia as the largest consumer market in the region. Exports totaled $314 billion, which makes UAE the second largest exporter in the region. UAE and India are each other's main trading partners, with the latter having many of its citizens working and living in the former. The trade totals over $75 billion (AED275.25 billion). The top five of the Main Partner Countries of the UAE in 2014 are Iran (3.0%), India (2.9%), Saudi Arabia (1.5%), Oman (1.4%) and Switzerland (1.2%). As for the top five of UAE suppliers are China (7.4%), United States (6.4%), India (5.8%), Germany (3.9%) and Japan (3.5%). Diversification of UAE's economy Although UAE has the most diversified economy in the GCC, the UAE's economy remains extremely reliant on oil. With the exception of Dubai, most of the UAE is dependent on oil revenues. Petroleum and natural gas continue to play a central role in the economy, especially in Abu Dhabi. More than 85% of the UAE's economy was based on the oil exports in 2009. While Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. In 2011, oil exports accounted for 77% of the UAE's state budget. Dubai suffered from a significant economic crisis in 2007–2010 and was bailed out by Abu Dhabi's oil wealth. Dubai's current prosperity has been attributed to Abu Dhabi's petrodollars. In 2014, Dubai owed a total of $142 billion in debt. The UAE government has worked towards reducing the economy's dependence on oil exports by 2030. Various projects are underway to help achieve this, the most recent being the Khalifa Port, opened in the Emirate of Abu Dhabi at the end of 2012. The UAE has also won the right to host the World Expo 2020, which is believed to have a positive effect on future growth, although there are some skeptics which mention the opposite. Over the decades, the Emirate of Dubai has started to look for additional sources of revenue. High-class tourism and international finance continue to be developed. In line with this initiative, the Dubai