Qatar’s nominal gross domestic product rose 11 percent in the third quarter compared with the previous quarter, preliminary estimates of the Gulf country’s statistics office showed on Tuesday.Qatar, the world’s largest natural gas exporter, saw growth slump 28.3 percent in nominal terms from a year ago with GDP reaching 75.5 billion Qatari riyals ($20.75 billion) in current prices.
“The gas sector recovered from the decline seen in the first half of 2009 due to price rises seen for all major commodities,” the statistics office said in a statement. “LNG prices were around half of their peak seen in the fourth quarter of 2008.”
Higher crude prices also helped in the third quarter, boosting the oil sector contribution.
The key gas sector was up 17.3 percent over the prior quarter while the oil segment rose 14.7 percent, the data showed.
The cash-rich state is expected to keep outperforming key players in the world’s top oil producing region – Saudi Arabia and the United Arab Emirates – in the coming years thanks to massive expansion of its gas facilities.
Qatar’s four new liquefied natural gas (LNG) plants will double the capacity of the country, which is the world’s richest nation in per capita income, by the end of this year. (Reuters)
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