08 Sep 2014
(MENAFN) Qatar’s economic growth is expected to increase to 7.8 percent in 2016 compared to 6.8 percent this year due to hydrocarbon production growth and the non-hydrocarbon’s sector expansion at a double-digit pace, Gulf Times reported.
This growth is attributed to Qatar starting a new diversification phase, with large investment spending in the non-hydrocarbon sector, which led to accelerated growth in the sector, which reached to 6.5 percent in 2013.
Meanwhile, the share of the non-hydrocarbon sector in the country’s GDP is predicted to grow from 49 percent in 2014 to 57.2 percent by 2016.
However, despite inflation rates slowing since mid-2013, the overall inflation is projected to increase moderately to 3.4 percent in 2014 and 3.5 percent in 2015, mainly because rising rents outweigh lower food prices.
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