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FINANCIAL NEWS
Qatar’s GDP grows by 3.9% in Q3
31 Dec 2012
(MENAFN) Official report showed that Qatar’s gross domestic product grew at a slower pace during the third quarter, Reuters reported.
According to the statistics authority, Qatar’s economy, adjusted for inflation, grew by 3.9 percent year-on-year in the July-September period, supported by strong expansion of non-oil sectors.
On quarterly basis, the GDP slowed to 1.7 percent from the second quarter of this year, when real GDP grew 5 percent from a year ago, and the first quarter, when growth was 6.9 percent.
The contribution of the oil and gas in the Gulf state’s growth shrank, as the period of heavy investment in the sector ended last year.
The mining and quarrying sector, which includes oil and gas, slowed by 0.8 percent in the quarter from a year ago, and rose only 0.6 percent from the previous quarter.
On the other hand, manufacturing posted a solid 13.6 percent growth year-on-year, while construction grew by 9.4 percent and the financial sector rose 4.7 percent.
The authority forecasts that Qatar’s real GDP would expand 4.8 percent in 2013 after an estimated 6.3 percent in 2012.
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