Qatar's economy to see 9.6% growth in 2009 - report
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 01 June 2009
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.
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST POLITICS & ECONOMICS
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST POLITICS & ECONOMICS
LATEST MIDDLE EAST BUSINESS NEWS
- Retail: Jeweller closures ‘inevitable’ as gold demand slumps
- Politics & Economics: Abu Dhabi eyes major growth in non-oil sector
- Travel & Hospitality: Oman Air increases free baggage allowance
- Construction & Industry: Abu Dhabi firm in talks to build Iraqi homes mega project
- Retail: UAE grocery sales growth slumps in 2009
SHARE PRICE CHECK
RELATED STORIES
Market Turmoil Focus
3 stories- UAE grocery sales growth slumps in 2009
24 Nov '09 | News - EXCLUSIVE: Boeing chairman sees more job cuts in 2010
19 Nov '09 | News - More UAE bank mergers predicted in 2010 - Ethos
19 Nov '09 | News
Qatar National Bank - Qatar
- Qatar Nat'l Bank Q3 dips as fees down, provisions up
8 Oct '09 | News - Fresh appetite for Gulf IPOs seen after Ramadan
1 Sep '09 | News - QNB Syria's $37m IPO almost twice oversubscribed
15 Aug '09 | News




