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FINANCIAL NEWS
Qatar posts 6.9% growth in Q1 real GDP
08 Jul 2012
(MENAFN) Qatar’s statistics authority (QSA) stated that the country’s real gross domestic product (GDP) grew in the first quarter by 6.9 percent to around USD22.59 billion from USD20.95 billion in 2011’s same quarter, reported Emirates 24/7.
The QSA attributed the growth to high public expenditure, a rise in oil prices and an increase in Qatar’s gas exports.
The agency said that last year, the country’s real GDP expanded by 20 percent; however, it is forecasted to slow down to less than 10 percent in 2012, as LNG exports started to stabilize.
In 2012’s first quarter, the oil and gas sector grew by nearly 4.6 percent, whereas government services posted a 13.9-percent expansion, followed by 12.7-percent growth in the transport and communications sector and a gain of 11.4 percent in the construction sector.
Although social service was the only sector to post a negative growth at 0.7 percent, nevertheless, electricity and water grew 8.9 percent, financial services rose 5 percent, manufacturing by 4.3 percent and domestic services by 4 percent.
It is worth noting that Qatar’s GDP in 2012’s first quarter jumped by 24.8 percent in current prices to nearly USD48.44 billion from around USD38.92 billion in last year’s same period.
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