الوعب
18-05-2009, 08:47 AM
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Qatar's GDP growth has remained well above 10 per cent over the past few years. (AFP)
By
Nadim Kawach on Monday, May 18, 2009
Qatar economy will see a double-digit growth this year even by conservative estimates, said NCB Capital, an affiliate of the National Commercial Bank, the largest bank in Saudi Arabia.
The International Monetary Fund has projected a real growth of 18 per cent in Qatar's gross domestic product (GDP) in 2009.
Qatar's Central Bank Governor Sheikh Abdullah bin Saud Al Thani was less optimistic when he projected growth at just above seven per cent.
"Growth will be just above seven per cent this year…Qatar's financial and economic sector has not been largely impacted by the global crisis," he told an investment conference in Doha.
Aided by strong oil prices and leaps in its LNG production, Qatar's GDP growth has remained well above 10 per cent over the past few years, largely boosting its per capita income despite a rapid rise in its population.
According to NCB Capital, the Qatari economy has grown by "leaps and bounds" in the past few years thanks to the dramatic expansion of its hydrocarbon sector.
It said Qatar's export revenues, mainly crude oil and LNG, shot up from around $20.6 billion (Dh75.6bn) in 2004 to $81.1bn in 2008 because of high prices and output.
The country's average annual GDP growth has been well above 10 per cent over the past few years, making it a country with one of the global leaders in GDP per capita terms. In spite of resolute diversification efforts, Qatar's dependency on hydrocarbons remains high," NCB Capital said in a study.
"On the other hand, however, the country's focus on natural gas has helped it weather the current economic downturn and the dramatic slide in commodity prices better than its neighbours as natural gas is mostly traded as long-term contracts which are less vulnerable to market volatility."
The study said Qatar is also benefiting from an extraordinary investment boom in connection with the growth of its natural gas sector, the world's third largest after Russia and Iran as it holds in excess of 900 trillion cubic feet.
"The IMF estimates that the Qatari economy will grow by an impressive 18 per cent in 2009. Even more pessimistic estimates tend to view double-digit real growth as eminently attainable," the study said.
"Going forward, the Qatar Government will maintain its focus on LNG investments, which are already in advanced stages of development. Moreover, the government's emphasis on infrastructure development, as emphasised in the 2009 budget, along with a policy to award major contracts to domestic companies is likely to further enhance the pace of industrial development." It said the government is also adopting increasingly aggressive fiscal policy measures.
46219
Qatar's GDP growth has remained well above 10 per cent over the past few years. (AFP)
By
Nadim Kawach on Monday, May 18, 2009
Qatar economy will see a double-digit growth this year even by conservative estimates, said NCB Capital, an affiliate of the National Commercial Bank, the largest bank in Saudi Arabia.
The International Monetary Fund has projected a real growth of 18 per cent in Qatar's gross domestic product (GDP) in 2009.
Qatar's Central Bank Governor Sheikh Abdullah bin Saud Al Thani was less optimistic when he projected growth at just above seven per cent.
"Growth will be just above seven per cent this year…Qatar's financial and economic sector has not been largely impacted by the global crisis," he told an investment conference in Doha.
Aided by strong oil prices and leaps in its LNG production, Qatar's GDP growth has remained well above 10 per cent over the past few years, largely boosting its per capita income despite a rapid rise in its population.
According to NCB Capital, the Qatari economy has grown by "leaps and bounds" in the past few years thanks to the dramatic expansion of its hydrocarbon sector.
It said Qatar's export revenues, mainly crude oil and LNG, shot up from around $20.6 billion (Dh75.6bn) in 2004 to $81.1bn in 2008 because of high prices and output.
The country's average annual GDP growth has been well above 10 per cent over the past few years, making it a country with one of the global leaders in GDP per capita terms. In spite of resolute diversification efforts, Qatar's dependency on hydrocarbons remains high," NCB Capital said in a study.
"On the other hand, however, the country's focus on natural gas has helped it weather the current economic downturn and the dramatic slide in commodity prices better than its neighbours as natural gas is mostly traded as long-term contracts which are less vulnerable to market volatility."
The study said Qatar is also benefiting from an extraordinary investment boom in connection with the growth of its natural gas sector, the world's third largest after Russia and Iran as it holds in excess of 900 trillion cubic feet.
"The IMF estimates that the Qatari economy will grow by an impressive 18 per cent in 2009. Even more pessimistic estimates tend to view double-digit real growth as eminently attainable," the study said.
"Going forward, the Qatar Government will maintain its focus on LNG investments, which are already in advanced stages of development. Moreover, the government's emphasis on infrastructure development, as emphasised in the 2009 budget, along with a policy to award major contracts to domestic companies is likely to further enhance the pace of industrial development." It said the government is also adopting increasingly aggressive fiscal policy measures.