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Tue 12 Jan 2010 07:42 AM

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Qatar economy set for 14% growth in 2010 - Credit Suisse

Gas exports, gov't spending to underpin continuing growth in Gulf state - report.

Qatar economy set for 14% growth in 2010 - Credit Suisse
QATAR VIEW: Credit Suisse sees the Qatar economy growing 14 percent in 2010. (Getty Images)

Qatar’s economy is expected to grow by more than 14 percent this year on the back of gas exports and government spending, according to a new report.

“Qatar’s real gross domestic product – GDP – (is expected) to grow by 14.2% in 2010 (following its estimated 7.3 percent growth in 2009), which is higher than both emerging and developed markets,” Credit Suisse said.

Credit Suisse said it expected the global economy to start recovering and grow by 4.1 percent in 2010, and saw Qatar “outperforming” the likes of India and China, Gulf Times reported on Tuesday.

“While Qatar’s expected total external debt to GDP is 86.7 percent, its near-term debt position looks favourable,” the report added.

Qatar would continue its healthy government spending through 2010, it said, adding the country would post fiscal surplus in the coming two years.

On Sunday, Deputy Prime Minister Abdullah bin Hamad al Attiyah was quoted as saying Qatar's economy grew 11 percent in 2009, mainly due its natural gas sector.

Credit Suisse said Qatar’s liquefied natural gas exports would earn it around $28bn, or 25 percent of GDP and a 47 percent year-on-year increase, in 2010 owing to significant capacity additions from Ras Laffan III.

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