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FINANCIAL NEWS
Qatar’s GDP expected to ease to 4.5% in 2012
26 Jun 2012
(MENAFN) Qatar’s General Secretariat for Development Planning (GSDP) expected economic growth to slow to 4.5 percent in 2012, the slowest in the last ten years, Reuters reported.
The planning authority also unveiled USD130 billion Qatar intends to spend to develop its non-oil sector, as it seeks to diversify its economy and cut its dependence on hydrocarbon sources.
The top liquefied natural gas saw a double-digit growth pace for the past six years. However, this is expected to slow down as the impact of two decades of gas output expansion fades.
Worsening global economy prospects have already knocked crude oil prices down USD35 from March highs to current around USD90 per barrel, near lowest levels since December 2010.
GSDP expected inflation-adjusted gross domestic product growth to decelerate to 6.2 percent this year from 14 percent in 2011.
GSDP also expected inflation in Qatar to edge between 2 and 3 percent in 2012 and 2013. Inflation has been hovering just above 1 percent since the start of 2012 due to weakness in the property sector.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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