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Qatar's economy grows 4% in Q2 boosted by non-hydrocarbon activities

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
A view to a major stadium located 20 kilometers north of Qatar's capital Doha as the Arab country prepares to host World Cup 2020. (AFP photo)

Qatar’s economy grew 4% year-on-year in the second quarter, according to official preliminary estimates, fuelled mainly by the non-hydrocarbon sector.

On a quarterly basis, however, gross domestic product (GDP) based on constant prices decreased 0.3%, the (Persian) Gulf state’s statistics authority said on Sunday.

Mining and quarrying GDP expanded 0.7% year-on-year in the second quarter, while non-mining and quarrying activities posted a 6.2% growth.

Accommodation and food service activities saw the biggest annual jump, growing 41%, reflecting the low base last year because of coronavirus-related restrictions.

Transportation and storage activities followed, with a 26.9% growth, while manufacturing grew 13.4%.

Qatar, a major liquefied natural gas (LNG) producer, posted a surplus of about $1 billion in the second quarter, the finance ministry said in August, citing higher than budgeted oil prices.

In January it reached a breakthrough on a three-year old dispute with Saudi Arabia and three other Arab countries that had imposed a diplomatic, trade and travel embargo.

 

(Source: Reuters)


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