Qatar Q1 GDP down 17.5% on estimates

NEW FIGURES: Qatar Statistics Authority has revised its quarterly estimates for 2009. (AFP)

Qatar’s provisional gross domestic product for the first quarter of 2009 was revised to $19.4bn (QR 70.9bn), down 17.5 percent from the revised estimate for the previous year, it was reported.

The Gulf state’s GDP for the first quarter of last year was $23.6bn, according to the Qatar News Agency.

The Qatar Statistics Authority said it had revised the four quarterly estimates for 2009 based on more up-to-date information, adding that the financial downturn and the knock on effects on demand for Qatar’s hydrocarbon related exports had attributed to the decrease.

The GDP growth for 2008, compared to 2007 was revised to 40.9 percent from 44 percent while the current price for GDP in the first quarter of 2009 was 8.7 percent lower than the first quarter of 2008.

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