Economy
Qatar Economic Outlook
Although the economy expanded at a weak pace in the first three months of 2018 due to a decrease in mining and quarrying output, construction activity increased significantly as preparations continued for the 2022 World Cup. Meanwhile, the economy has shown signs of strength in recent months: In May, the merchandise trade surplus grew by nearly 40% year-on-year due to increased energy exports. This highlights the resilience of the external sector, given that Qatar continues to face a trade embargo from several of its neighbors, led by Saudi Arabia. Moreover, in June, business conditions improved in the non-oil and gas private sector for the eleventh consecutive month.
Qatar Economic Growth
The economy should be supported by higher oil and gas prices in 2018, as well as by the government’s infrastructure investment push in the run-up to the 2022 World Cup. Nevertheless, the Saudi-led trade embargo will continue to weigh on the outlook. FocusEconomics panelists forecast growth of 2.6% in 2018, which is down 0.2 percentage points from last month’s projection, and 2.8% in 2019.
Qatar Economy Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Population (million) | 2.0 | 2.2 | 2.4 | 2.6 | 2.7 |
| GDP per capita (USD) | 99,152 | 93,047 | 67,508 | 58,211 | 60,940 |
| GDP (USD bn) | 199 | 206 | 165 | 152 | 167 |
| Economic Growth (GDP, annual variation in %) | 4.4 | 4.0 | 3.6 | 2.2 | 1.6 |
| Consumption (annual variation in %) | – | – | – | – | – |
| Investment (annual variation in %) | 6.4 | 11.3 | 1.3 | – | – |
| Industrial Production (annual variation in %) | 2.2 | 1.9 | 1.7 | 0.8 | 1.5 |
| Unemployment Rate | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 |
| Fiscal Balance (% of GDP) | 19.3 | 12.3 | -0.9 | -9.2 | -5.8 |
| Public Debt (% of GDP) | 30.9 | 24.9 | 34.9 | 46.5 | 54.0 |
| Money (annual variation in %) | 19.6 | 10.6 | 3.4 | -4.6 | 21.3 |
| Inflation Rate (CPI, annual variation in %) | 3.2 | 3.4 | 1.7 | 2.8 | 0.4 |
| Policy Interest Rate (%) | 4.50 | 4.50 | 4.50 | 4.75 | 5.00 |
| Exchange Rate (vs USD) | 0.01 | 0.0 | 0.03 | -0.02 | 0.02 |
| Exchange Rate (vs USD, aop) | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 |
| Current Account (% of GDP) | 30.4 | 24.0 | 8.4 | -5.4 | 3.8 |
| Current Account Balance (USD bn) | 60.5 | 49.4 | 13.7 | -8.3 | 6.4 |
| Trade Balance (USD billion) | 102 | 95.5 | 48.8 | 25.4 | 36.5 |
| Exports (USD billion) | 133 | 127 | 77.3 | 57.3 | 67.1 |
| Imports (USD billion) | 31.5 | 31.1 | 28.5 | 31.9 | 30.6 |
| Exports (annual variation in %) | 0.3 | -5.0 | -39.0 | -25.9 | 17.2 |
| Imports (annual variation in %) | 2.3 | -1.0 | -8.5 | 12.1 | -4.2 |
| International Reserves (USD) | 41.6 | 42.7 | 36.5 | 30.8 | 13.8 |
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