A 4% expansion in non-hydrocarbons completely masked the marginal 0.4% dip in hydrocarbons, thus helping Qatar register an healthy about 2% year-on-year real growth in the fourth quarter (Q4) of 2017, according to the official figures. The country’s gross domestic product, or GDP, at constant prices (base year 2013) fell 2.3% compared to the third quarter of 2017 despite stronger non-hydrocarbons; said the figures released by the Ministry of Development Planning and Statistics (MDPS).
Qatar’s year-on-year growth trajectory during Q4 indicates the inherent buoyancy in the economy in spite of the blockade imposed by the siege countries. A self-imposed moratorium on new projects in the North Oil Field until the second quarter of 2017 and the oil producing and exporting countries’ deal had restrained the growth of hydrocarbon output, resulting in an estimated overall real GDP growth of 2.1% in 2017, the International Monetary Fund had recently said after its recent Article IV consultation with Qatar.
On a quarterly basis, mining and quarrying sector is estimated to have decelerated 6.4%; whereas non-hydrocarbons rose 1.6% during Q4, 2017, MDPS said. Within non-hydrocarbons, the construction sector’s real growth year-on-year is estimated to be 14.2%, manufacturing (6.2%), finance and insurance (5.9%), real estate (3.9%) and transport and storage (0.8%); while that of wholesale and retail trade shrank 3.6%, information and communication 2.9%, utilities 1.9% and accommodation and catering 1.7%.
On a quarterly basis, the finance and insurance sector is estimated to have grown 6.4%, wholesale and retail trade (6.2%), transport and storage (4.4%), accommodation and catering (3.9%); whereas utilities’ growth plummeted 22.1%, manufacturing 2.7% and information and communication 1.1%. On a nominal basis (at current prices), Qatar’s GDP is estimated to have grown 9.4% and 5.7% year-on-year and quarter-on-quarter respectively. The hydrocarbons saw 15.2% and 7.1% surge on yearly and quarterly basis and non-hydrocarbons 6.7% and 5% respectively.
The yearly nominal growth in the non-mining sector during Q4, 2017 was mainly due to the manufacturing sector, which witnessed a 21.9% surge, followed by construction (17.4%), utilities (6.9%), transport and storage (6.6%), wholesale and retail trade (1.1%) and finance and insurance (0.5%); even as accommodation and catering growth shrank 6.2%, information and communication 3.2% and real estate 3%. On a quarterly basis, the transport and storage grew 7.3%, construction (7.1%), wholesale and retail trade (6.9%), manufacturing (6.2%), finance and insurance (6%), accommodation and catering (1.2%) and real estate (0.9%). Nevertheless, there was a 22.1% fall in the growth of utilities and 1.2% in information and communication. The import duties, on real terms, are estimated to have grown 14.3% and 27.5% on yearly and quarterly basis respectively. On nominal terms, their growth is forecasted at 16.5% and 28.2% respectively.
Sources and photo-credits: Gulf Times