Qatar’s real economy (adjusted for inflation) grew 6% in the second quarter (Q2) of this year, triggered by its non-oil sector, indicating the efficacy of governmental efforts on diversification, according to official figures.
The gross domestic product (GDP) at constant (2004) prices stood at QR88.83bn, said the Ministry of Development Planning and Statistics, which yesterday released the economic growth both in real and nominal terms.
The country’s GDP at current prices (nominal GDP) was up 6.1% year-on-year (y-o-y) to QR181.07bn in Q2, 2013.
The constant price gross value addition (GVA) in mining and quarrying sector (which comprises hydrocarbons) gained 1% y-o-y in Q2, 2013.
On nominal terms, it was up 0.5% y-o-y. Compared to Q1, 2013; there has been a fall of 5.7% mainly because of the fall in crude oil prices.
The constant price GVA in non-mining sectors increased by 9.9% y-o-y in Q2, 2013 and on nominal terms, it showed 13.9% expansion.
The manufacturing sector is estimated to have grown (real) by 6.4% in Q2, 2013. Compared to the previous quarter of 2013, it was up 0.4%.
The y-o-y growth has resulted from the rise in production of chemicals, fertilisers, rubber and plastic products. The nominal GVA of manufacturing sector was up 5%. Compared to the previous quarter of 2013, there was an increase of 1.9%.
The electricity and water witnessed 5.7% real growth y-o-y in Q2, 2013 but showed a robust 46.6% surge against Q1 this year. On nominal terms, it grew 9.7% and 51.1% respectively.
The construction sector witnessed an 11.4% real growth in Q2 of 2013. The GVA of this sector in Q2, 2013 shows a rise of 2.7% against Q1, 2013.
On the nominal side, the sector witnessed 21.9% growth y-o-y. Compared to the previous quarter of this year, it was up 3.1%.
Trade, hotel and restaurants sector has registered 5% real growth y-o-y in Q2, 2013. Compared to the previous quarter, there has been a growth of 3.7% in the GVA of this sector.
The sector registered an 8.7% growth y-o-y and 5.3% against the previous quarter of 2013 on nominal terms.
Transport and communication sector saw a 13.6% jump in value added (real terms). However, the GVA fell 3.9% against Q1 of 2013, a seasonal phenomenon in the transport activities seen in earlier years also.
On nominal terms, the sector witnessed a 12.1% expansion y-o-y, while it shrank 5.1% against the previous quarter of this year.
Finance, insurance, real estate and business Services witnessed 15.4% expansion in GVA (at constant prices). Against the previous quarter, there was a decline of 0.2% in the Q2 of 2013.
The sector saw a 22% growth in nominal terms y-o-y and 4% against Q1, 2013.
The contribution of the government services which includes the provision of public health, education and other miscellaneous services is estimated to have grown by 9.6% y-o-y in Q2 of 2013. In nominal terms, it expanded 17%.
Source: Caye Global News, Gulf Times
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