Qatari economy booming despite decline of GDP

DOHA, July 11 (KUNA) — The Qatari economy will continue its strong performance in the coming years despite the declining growth in the gross domestic product (GDP) as a result of the receding hydrocarbon production rates, which was a powerful stimulus for the GDP growth in the past years, Qatar’s national economic report named “Qatar Economic Outlook 2012-13″ issued by the General Secretariat for Development Planning (GSDP) said on Wednesday.
The report forecasted robust growth of real gross domestic product (GDP) of 6.2 percent in 2012, while also anticipated that real GDP growth will moderate to 4.5 percent in 2013, noting that the continued growth in the coming years will remain supported by growth in non-hydrocarbon sectors, especially the manufacturing and petrochemical industries and the construction sector.
According to the report, non-oil and gas sector including construction, manufacturing and services will lead the growth in Qatar’s economy by 9.2 percent growth.
It predicted 10 percent growth in the manufacturing sector and the infrastructure sector spending alone will average 10 percent of the GDP.
Meanwhile, the construction, in particular, will grow at an average of 10 percent within the next two years, backed by a network of infrastructure investments.
Despite the QEO expectations of the declining GDP, whether real or nominal, during the years 2012 and 2013, it spotted at the same time several indicators that reflect the strong performance of the economy in general, most notably, the continued achievement of a surplus in the current account of balance of payments at the rate of double digit.
The report added Qatar’s external surpluses on the current account of the balance of payments will stay in double digits.
In 2012, the surplus is expected to be 19.9 percent of nominal GDP, edging down to 16.6 percent in 2013

Kuwait News Agency, Jul 12 2012