Qatar's economy to see 9.6% growth in 2009 - report

GROWTH PREDICTION: Qatar's economy is seen growing by nearly 10 percent in 2009. (Getty Images)

Qatar's economy is predicted to grow by nearly 10 percent in 2009, according to a new report by analysts.

Bucking the global downward trend, the Gulf state's economy will expand with a real gross domestic product (GDP) growth of 9.6 percent, said QNB Capital.

A key driver of Qatar’s growth will be its formidable position in liquefied natural gas exports, which are set to reach 44mn tonnes in 2009, QNB Capital said in its first Qatar Economic Review, published in Gulf Times on Monday.

QNB Capital said Qatar’s economy reached a significant milestone last year with the gas sector overtaking oil as the largest contributor to the economy, accounting for 32.3 percent of the overall GDP.

And highlighting the increasing contribution of the non-energy sector to Qatar’s overall GDP, QNB Capital said the country’s economic diversification and ongoing expansion in the oil and gas sector has laid a “strong foundation” for its continuous growth.

The share of the non-oil and gas sector in Qatar’s overall GDP was 38.3 percent last year, up 27.2 percent on 2007 and QNB Capital’s researchers said they expected further growth over the coming years.

The non-oil and gas GDP is expected to reach QR145bn ($39bn) in 2009, Qatar Economic Review said.

Qatar’s rapid economic growth has seen it reach the top ranks of wealthiest countries in the world as measured by GDP per capita. In 2008, Qatar’s GDP per capita reached a record $65,844.

QNB Capital also said that Qatar’s inflation would ease considerably this year to between 3-5 percent as the housing markets cooled down.

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