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Sun 24 Jan 2010 07:25 AM

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Qatar forecast to see 16% GDP growth this year

Growth will be driven by higher oil and gas outputs, latest research predicts.

Qatar is predicted to see real GDP growth of nearly 16 percent in 2010, driven by higher oil and gas output levels, although the growth will slow over the next five years, Business Monitor International has said. The research company said in its latest report on the Gulf state that while 15.8 percent economic growth will be seen this year, it will average 8.4 percent between 2010-2014, making it one of the best performers in the world. "Qatar will remain one of the fastest growing economies in the world over the coming years, as continued heavy investment in the hydrocarbon sector drives higher oil and gas output levels," BMI's report added. "Have recently raised our oil price forecasts for the coming years, the government is set to turn out large fiscal surpluses for the forseeable future," analysts said. BMI said it also expected last year's consumer price deflation to reverse once the real estate rental market starts to stabilise, which the company sees happening this year. It also said Qatar was "one of the most attractive destinations" in the Middle East for foreign investors, boosted by the country's decision to cut the corporate tax rate to a flat 10 percent in 2010. Earlier this month, a report from Credit Suisse said it expected the Gulf state's economy to grow by 14 percent this year.

“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.

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