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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