Qatar’s real economy is estimated to have expanded by 6.5% year-on-year in 2013, mainly aided by a double-digit growth in the non-hydrocarbon sectors, according to latest official figures. The contribution the country’s non-hydrocarbon sector to real gross domestic product (GDP) was higher than that of the hydrocarbon sector, indicating the fruition of the diversification strategies.
The mining and quarrying sector, under which falls the hydrocarbon sector, is estimated to have grown by mere 0.1% in 2013, while non-hydrocarbon sector grew by 10.4%, the Ministry of Development Planning and Statistics (MDP&S) said.
The country’s real GDP (at constant prices) stood at QR340.91bn with the non-hydrocarbon sector constituting 57% or QR193.19bn and hydrocarbon 43% or QR147.73bn.
The manufacturing sector is seen to have expanded by 5.6%; electricity and water (6.4%); construction (13.6%); trade, hotels and restaurants (12.8%); transport and communication (9.7%); finance, insurance, real estate and business services (14.3%) and government services (15.1%).
On nominal terms, the economy is estimated to have risen by 6.6% with the hydrocarbon sector growing by 2.2% and non-hydrocarbons by 10.5% in 2013.
Trade, hotels and restaurants sector is estimated to have grown by 23.7%, followed by finance, insurance, real estate and business services (22%); construction (16.7%), electricity and water (11.2%) transport and communication (10.7%); while manufacturing witnessed 5.1% decline.
On a quarter-to-quarter basis, Qatar’s real economy (at constant prices) is up 5.6% and nominal economy (at current prices) by 5.8%. The gross value addition (GVA) at constant prices in the hydrocarbon sector during the fourth quarter (Q4) of 2013 fell 1.1% due to lower production of crude oil and closing down of few liquefied natural gas trains for maintenance in the third quarter of 2013.
The high growth in GVA at constant prices in the non-hydrocarbon sector during Q4 2013 was owing to double-digit rise seen mainly in construction, trading, hospitality and financial sectors, coupled with over 12% jump in the country’s population, MDP&S said. Source: Gulf Times