Qatar population growth set to outpace GDP

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Qatar may soon lose its title as home to the world’s richest residents, with an average GDP per capita of over $100,000, as the population growth exceeds official estimates and outpaces economic growth.

Qatar real GDP growth is expected to reach 5.3 percent this year, following the slow-down registered in 2012 when the economy went from growing by 18 percent in 2011 to 6.2 percent in 2012, according to the General Secretariat for Development Planning (GSDP).

By comparison, the local population has been growing at a rate of 7.6 percent between 2011 and 2012 and the influx of foreign workers is expected to increase in the coming years to support the construction of infrastructure for FIFA 2022 World Cup.

Qatar now counts a population of 1,900,000 residents; a number that the National Development Strategy had estimated would not be reached until after 2016.

Inflation in 2013 will stay in the region of 3.6 percent, below the pace of the economy and of local salaries that are expected to increase by 5.2 percent this year according to consulting firm Mercer.

Qatar economy remains stable after the recent political change that has seen the voluntary abdication of the emir Hamad bin Khalifa Al Thani in favour of his son, the 33 year old Tamim bin Hamad Al Thani.

Qatar Exchange opened positively after the leadership transition, with Doha’s index rising 0.94 percent. Analysts believe that investors were reinsured by the political and economic continuity showed during the first speech of the new emir.

Addressing the nation, Tamim bin Hamad Al Thani stated that “the reality on the ground has not changed” adding that “challenges and institutions will remain the same”.

According to the CIA’s World Factbook, Qatar has the highest GDP at an average of $102,800 person, according to 2012 estimates. Far behind in second is Liechtenstein with average GDP of $89,400. However, Liechtenstein’s population is only growing at a rate of 0.81 percent.

Third is Bermuda with an average of $86,000 per person, followed by Macau ($82,400) and Luxembourg ($80,700) making up the top five. The UAE is 16th on $49,000, Kuwait is 19th with $43,000, Oman is 53rd with $28,500, Bahrain 54th with $28,200 and Saudi Arabia is 59th with $25,700.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

1
Concerned for stability, Saudi Arabia tightens curbs on dissent

Concerned for stability, Saudi Arabia tightens curbs on dissent

Gulf kingdom intensifies crackdown on domestic dissent, raising...

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Citizens wonder why oil producer Kuwait is not as dynamic a hub...

4
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams