Qatar’s economy is estimated to have grown 3.8% year-on-year (y-o-y) during the third quarter (Q3) of 2015 mainly on the back of construction, finance, trade and utilities sectors, according to official estimates.
The country’s real (inflation-adjusted) gross domestic product (GDP) at constant prices grew 2.8% against the second quarter levels, said the Ministry of Development Planning and Statistics (MDPS) using 2013 as the new base year. In nominal terms (at current prices), Qatar’s GDP is estimated to have fallen 22.8% y-o-y and 2.9% quarter-on-quarter (q-o-q), it said. The mining and quarrying sector, under which falls the oil and gas segment, has shown a real growth of only 0.1% y-o-y and 1.1% q-o-q in Q3, 2015; while non-oil’s growth was sharper at 7.8% and 4.4% respectively.
In nominal terms, mining and quarrying showed a plunge of 47.6% y-o-y and 12% q-o-q; even as the non mining and quarrying segment reported 2.3% and 2.6% growth y-o-y and q-o-q respectively. “The reduction in international price levels of crude oil in this quarter has led to sharper decline in nominal gross value added of this (mining and quarrying) sector,” the ministry said. Major public investments helped the real gross value added in the construction sector to report an increase of 20.2% y-o-y in Q3, 2015 and 5.9% q-o-q. In nominal terms, the sector grew 16.6% y-o-y and 3.3% q-o-q.
The finance, insurance, real estate and business services reported 8.9% and 0.4% gain y-o-y and q-o-q respectively in the real gross value added in Q3 of last year. The sector had shown 8.7% y-o-y growth in nominal terms but shrank 3.5% q-o-q. The electricity and water segment witnessed 6.8% expansion y-o-y in Q3, 2015 and its growth was sharper by 13.4% against the second of last year. In nominal terms, the sector showed 2.5% and 11.8% rise y-o-y and q-o-q respectively.
The trade, hotels and restaurant sector registered a real growth of 5.8% y-o-y in Q3, 2015 and 14.8% q-o-q. In nominal terms, it grew 8.5% y-o-y and 14.7% q-o-q. The real gross valued added in the manufacturing sector is estimated to have expanded 3.9% y-o-y and 4.3% q-o-q in Q3, 2015. However, in nominal terms, the sector’s growth fell 25.5% and 0.2% y-o-y and q-o-q respectively. The q-o-q real growth in manufacturing is primarily explained by the increase seen in the production of petrochemical products and gas-to-liquids products during Q3, while the sharp y-o-y drop in nominal terms is due to falling international prices, the ministry said.
The transport and communication sector is estimated to have grown 1.5% y-o-y in Q3, 2015 and 5% q-o-q. In nominal terms, its growth was 5.5% and 7.4% y-o-y and q-o-q respectively. The agriculture and fishing sector recorded 7.6% real growth y-o-y in Q3 2015 but it was down 1.6% q-o-q. In nominal terms, it grew 9.2% and 1.5% y-o-y and q-o-q respectively.
Government services witnessed 6.4% and 1.3% real growth y-o-y and q-o-q in Q3 2015. In nominal terms, it showed an expansion of 8.7% and 2.1% y-o-y and q-o-q respectively. Social services saw a real growth of 11.7% y-o-y and a marginal 0.6% q-o-q in Q3, 2015. In nominal terms, it rose 11% and 1.6% y-o-y and q-o-q respectively.
Import duties witnessed 10.8% expansion y-o-y in Q3, 2015 but it was down 0.7% q-o-q. In nominal terms, it grew 11.3% y-o-y; while it tanked 0.7% q-o-q. Source: Gulf Times