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Sat 9 Oct 2010 03:52 PM

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Qatar Q2 GDP jumps 20.4 percent

The GDP share of the mining and quarrying sector, which includes oil and gas, was 49.8 percent of the total

Qatar Q2 GDP jumps 20.4 percent
ECONOMIC GROWTH: According to a poll by Reuters, Qatar remains the Gulf regions leader in economic growth with real GDP growth seen at 15.5 percent in 2010.

Qatar's economy grew a hefty 20.4 percent at current prices in the second quarter to ($27 billion, the Gulf Arab state's statistics body said on Saturday.

Estimated second quarter nominal gross domestic product (GDP) of the world's largest exporter of liquefied natural gas (LNG) rose from $22.4 billion a year earlier, the Qatar Statistics Authority said in a statement.

GDP fell 4.1 percent from 102.5 billion riyals in the first quarter, it said.

The GDP share of the mining and quarrying sector, which includes oil and gas, was 49.8 percent of the total and its value increased 36.8 percent compared to a year ago, but fell 8.9 percent from the first quarter, the data showed.

The statement said: "The increase in oil and gas prices during the second quarter 2010 compared to the first quarter in the same year did not offset the decrease in the production."

Qatar remains the Gulf region's leader in economic growth with real GDP growth seen at 15.5 percent in 2010, according to a median forecast of 14 economists polled by Reuters from September 15 to September 28, below 16.1 percent seen in June.

The OPEC member is set to largely outperform its fellow oil producers in the Gulf region such as Saudi Arabia and the UAE in the coming years, helped by the expansion of its gas facilities and generous government infrastructure spending.