Qatar’s economy grows 4% in Q2 boosted by non-hydrocarbon activities By Reuters
© Reuters. Cars drive on a road leading to Hamad International Airport in Doha, Qatar June 5, 2017. REUTERS/Stringer/Files
DUBAI (Reuters) – Qatar’s economy grew 4% year-on-year in the second quarter, according to official preliminary estimates, fuelled mainly by the non-hydrocarbon sector.
On a quarterly basis, however, gross domestic product (GDP) based on constant prices decreased 0.3%, the Gulf state’s statistics authority said on Sunday.
Mining and quarrying GDP expanded 0.7% year-on-year in the second quarter, while non-mining and quarrying activities posted a 6.2% growth.
Accommodation and food service activities saw the biggest annual jump, growing 41%, reflecting the low base last year because of coronavirus-related restrictions.
Transportation and storage activities followed, with a 26.9% growth, while manufacturing grew 13.4%.
Qatar, a major liquefied (LNG) producer, posted a surplus of about $1 billion in the second quarter, the finance ministry said in August, citing higher than budgeted oil prices.
In January it reached a breakthrough on a three-year old dispute with Saudi Arabia and three other Arab countries that had imposed a diplomatic, trade and travel embargo.
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