QATAR'S REAL GDP 6.2% IN Q1
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).
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.