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FINANCIAL NEWS
Qatar’s construction activity up 14.5 percent in Q2
15 Oct 2014
(MENAFN) Qatar witnessed an expansion by 14.5 percent in construction activity during the April-June period, due to major infrastructure projects currently being done in the country, Gulf Times reported.
These infrastructure projects include the new metro in Doha, major real estate projects such as Musheireb and Lusail, as well as new roads, highways and the further expansion of the new Hamad International Airport.
Meanwhile, Qatar’s GDP growth increased to reach 5.7 percent in the second quarter of this year compared to 5.4 percent which was registered in the year’s first quarter.
The country also registered an accelerated growth in the non-hydrocarbon sector, reaching 11.3 percent, unlike the hydrocarbon sector which declined 2.2 percent in comparison with the second quarter of 2013 due to the decline in crude oil productions.
In terms of sectors, the financials, real estate, and business services ranked as the fastest growing sector, with an increase of 16.6 percent compared to the corresponding period of last year, while trade, hotels and restaurants grew by 11.1 percent, due to the country’s growing population and increased tourist activity.
This growth resulted in the non-hydrocarbon sector accounting for 49 percent of Qatar’s GDP in the April-June period of 2014, compared with 46 percent it contributed in 2013.
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