Qatar's GDP predicted to grow by 9% in 2009

RIYAL GROWTH: The International Bank of Qatar sees the country's GDP growing by nine percent in 2009. (Getty Images)

Qatar is expected to see a nine percent grwoth in its gross domestic product growth in real terms in 2009 despite the global economic slowdown, a new report says.

Analysts at the International Bank of Qatar (IBQ) said the growth would be mainly due to increasing gas production.

IBQ estimated that Qatar’s gas production increased by up to 40 percent in 2008 with the gas sector doubling in size last year, partly on higher energy prices, Gulf Times reported on Wednesday.

Gas overtook oil as the primary contributor to the GDP with a share of 32 percent last year, IBQ’s economist Wajih Boustany told the paper.

He added that the projected growth in 2009 would "also depend on sustained government spending and Qatar’s ability to push forward with planned projects".

Measures taken by both the government and the Qatar Central Bank (QCB) to counteract the global crisis were proving to be very effective, Boustany said.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM