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Wed 22 Apr 2009 08:07 AM

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Qatar's GDP predicted to grow by 9% in 2009

International Bank of Qatar says measures to counteract global crisis 'very effective'.

Qatar is expected to see a nine percent grwoth in its gross domestic product growth in real terms in 2009 despite the global economic slowdown, a new report says.

Analysts at the International Bank of Qatar (IBQ) said the growth would be mainly due to increasing gas production.

IBQ estimated that Qatar’s gas production increased by up to 40 percent in 2008 with the gas sector doubling in size last year, partly on higher energy prices, Gulf Times reported on Wednesday.

Gas overtook oil as the primary contributor to the GDP with a share of 32 percent last year, IBQ’s economist Wajih Boustany told the paper.

He added that the projected growth in 2009 would "also depend on sustained government spending and Qatar’s ability to push forward with planned projects".

Measures taken by both the government and the Qatar Central Bank (QCB) to counteract the global crisis were proving to be very effective, Boustany said.