3.33 PM Tuesday, 5 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:21 06:34 12:33 15:53 18:26 19:40
05 March 2024

Qatar posts 21.1% GDP rise in Q3

Doha palm tree island in Qatar (REUTERS)

By Staff

Qatar’s economy swelled by around 21.1 per cent in current prices in the third quarter of 2010 and a government report said this indicated the country’s economy is showing considerable recovery.

From around QR91.8 billion in the third quarter of 2009, Qatar’s nominal GDP surged to nearly QR111.2 billion in the third quarter of 2010, showed the report by the government statistics authority.

“The estimates of GDP in Q3 of 2010 show considerable recovery in the economy when compared to the estimates Q2 of 2010,” it said.

It put the nominal GDP at around QR98.3 billion in the second quarter of 2010, adding that Q-on-Q growth stood at 13.1 per cent.

A breakdown showed the oil and gas sector recorded the highest growth of 36.2 per cent year-on-year while transport and communication soared by around 18.8 per cent in the third quarter. Growth was estimated at 16.7 per cent in finance, real estate and business services, at 14.7 per cent in imputed bank service charges, and about 8.8 per cent in electricity and water.

Most other sectors recorded growth while there was a contraction in social services, household services and import duties.

The report showed oil and gas remained the dominant component of the GDP, standing at 51 per cent in the third quarter. It estimated its contribution to overall nominal GDP at around QR58.7 billion.

The report gave no figures for real GDP growth but Qatar’s economy has recorded one of the world’s largest increases in real terms over the past few years because of a massive rise in its LNG exports.

The tiny Gulf nation, a small OPEC oil producer, announced in late 2010 it had completed projects to pump nearly 77 million tonnes of liquefied natural gas to become the world’s dominant LNG supplier.