Qatar's econ­omy ac­cel­er­ated to 6.2% in the first quar­ter of 2014, driven by strong growth in con­struc­tion, fi­nan­cial ser­vices and trade, restau­rants and ho­tels, ac­cord­ing to the Min­istry of Devel­op­ment Plan­ning and Sta­tis­tics (MDPS).

Qatar Today - - BUSINESS > BANK NOTES -

This was due to the ex­pan­sion of non-hy­dro­car­bon sec­tor by 11.5% ow­ing to rapid progress with the im­ple­men­ta­tion of ma­jor projects. The pickup in growth came de­spite a 1.2% con­trac­tion in hy­dro­car­bon real GDP as a re­sult of fall­ing crude oil pro­duc­tion and flat pro­duc­tion at LNG fa­cil­i­ties.

Ac­cord­ing to QNB Group, real GDP is ex­pected to pick up dur­ing 2014 as hy­dro­car­bon pro­duc­tion sta­bilises and non-hy­dro­car­bon growth re­mains high. Over­all, the new GDP data are in line with ex­pec­ta­tions for real GDP growth of around 6.8% in 2014.

In 2015-16, the mo­men­tum is ex­pected to con­tinue to gather steam ow­ing to the on­go­ing im­ple­men­ta­tion of ma­jor projects, with growth ris­ing to an av­er­age of 7.7%, the QNB Group says.

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