Middle Easet | Qatar's Economy Grows 4% In Q2 Boosted By Non-hydrocarbon Activities

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 natural gas (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.

 

DUBAI (Reuters)

Please sign in to make comments.

Check These Out ..
You Might Also Like..
  • Trending market news & market moves
  • Forex Forecast & Analysis
  • Experts opinions
  • Upcomming Webinars & Seminars
Subscribe to Our Newsletter