The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Its wealth is based on oil and gas output (about 33% of GDP), and the fortunes of the economy fluctuate with the prices of those commodities. Since 1973, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. At present levels of production, oil and gas reserves should last for more than 100 years. Despite higher oil revenues in 1999-2000, the government has not drawn back from the economic reforms implemented during the 1998 oil price depression. The government has increased spending on job creation and infrastructure expansion and is opening up its utilities to greater private-sector involvement.