Qatar Economy

General

Qatar imports the majority of its food, although livestock and fruits and vegetables are raised and there is fishing. Oil and natural gas, the mainstays of the economy, account for roughly 70% of the country’s export earnings. Although total oil reserves are somewhat modest in comparison to other Persian Gulf countries, Qatar is one of the largest natural-gas producers in the world. The vast North Field gas reserve, an underwater field northeast of the Qatar peninsula, began production in the 1990s. Natural gas, crude oil, refined petroleum, and petrochemicals are produced, and steel, cement, and fertilizers are some of Qatar’s developing diversified industries. The country has also become a regional banking centre. Native Qataris have one of the highest per capita incomes in the world.

Overview

Economy – overview :
Oil and gas account for more than 55% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have given Qatar a per capita GDP about 80% of that of the leading West European industrial countries. Proved oil reserves of 16 billion barrels should ensure continued output at current levels for 23 years. Qatar’s proved reserves of natural gas exceed 14 trillion cubic meters, more than 5% of the world total and third largest in the world. Long-term goals feature the development of offshore natural gas reserves to offset the ultimate decline in oil production. In recent years, Qatar has consistently posted trade surpluses largely because of high oil prices and increased natural gas exports, becoming one of the world’s fastest growing and highest per-capita income countries.

GDP :
purchasing power parity – $19.49 billion (2004 est.)

GDP – real growth rate :
8.7% (2004 est.)

GDP – per capita :
purchasing power parity – $23,200 (2004 est.)

GDP – composition by sector :
agriculture: 0.3%
industry: 58.2%
services: 41.5% (2004 est.)

Labour force :
140,000 (2004 est.)

Unemployment rate :
2.7% (2001)

Population below poverty line :
NA

Household income or consumption by percentage share :
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices) :
3% (2004 est.)

Investment (gross fixed) :
22.9% of GDP (2004 est.)

Budget :
revenues: $10.17 billion
expenditures: $7.61 billion, including capital expenditures of $2.2 billion (2004 est.)

Public debt :
NA

Overview

Economy – overview :
0Qatar has prospered in the last several years with continued high real GDP growth in 2011. Qatari authorities throughout the financial crisis sought to protect the local banking sector with direct investments into domestic banks. GDP rebounded in 2010 largely due to the increase in oil prices and 2011’s growth was supported by Qatar’s investment in expanding its gas sector. Economic policy is focused on developing Qatar’s non-associated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas likely have made Qatar the highest per-capita income country – ahead of Liechtenstein – and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for 57 years. Qatar’s proved reserves of natural gas exceed 25 trillion cubic meters, more than 13% of the world total and third largest in the world. Qatar’s successful 2022 world cup bid will likely accelerate large-scale infrastructure projects such as Qatar’s metro system and the Qatar-Bahrain causeway.

GDP (purchasing power parity) :
$181.7 billion (2011 est.)

GDP (official exchange rate) :
$173.2 billion (2011 est.)

GDP – real growth rate :
18.7% (2011 est.)

GDP – per capita (PPP) :
$102,700 (2011 est.)

GDP – composition by sector :
agriculture: 0.1%
industry: 73%
services: 26.9% (2011 est.)

Labour force :
1.241 million (2011 est.)

Unemployment rate :
0.4% (2011 est.)

Population below poverty line :
NA%

Household income or consumption by percentage share :
lowest 10%: 1.3%
highest 10%: 35.9% (2007)

Investment (gross fixed) :
27.8% of GDP (2011 est.)

Budget :
revenues: $74.29 billion
expenditures: $51.21 billion (2011 est.)

Taxes and other revenues :
39.7% of GDP (2011 est.)

Budget surplus (+) or deficit (-) :
17.8% of GDP (2011 est.)

Public debt :
8.9% of GDP (2011 est.)

Inflation rate (consumer prices) :
2.8% (2011 est.)

Central bank discount rate :
3.5% (31 December 2010 est.)

Commercial bank prime lending rate :
6% (31 December 2011 est.)

Stock of narrow money :
$23.5 billion (31 December 2011 est.)

Stock of broad money :
$89.59 billion (31 December 2011 est.)

Stock of domestic credit :
$102.6 billion (31 December 2011 est.)

Market value of publicly traded shares :
$123.6 billion (31 December 2010)

Agriculture – products :
fruits, vegetables; poultry, dairy products, beef; fish

Industries :
liquefied natural gas, crude oil production and refining, ammonia, fertilisers, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Industrial production growth rate :
27.1% (2010 est.)

Electricity – production :
19.18 billion kWh (2009 est.)

Electricity – consumption :
18.79 billion kWh (2008 est.)

Electricity – exports :
0 kWh (2009 est.)

Electricity – imports :
0 kWh (2009 est.)

Oil – production :
1.437 million bbl/day (2010 est.)

Oil – consumption :
166,000 bbl/day (2010 est.)

Oil – exports :
1.038 million bbl/day (2009 est.)

Oil – imports :
4,108 bbl/day (2009 est.)

Oil – proved reserves :
25.38 billion bbl (1 January 2011 est.)

Natural gas – production :
116.7 billion cu m (2010 est.)

Natural gas – consumption :
21.89 billion cu m (2010 est.)

Natural gas – exports :
94.81 billion cu m (2010 est.)

Natural gas – imports :
0 cu m (2010 est.)

Natural gas – proved reserves :
25.37 trillion cu m (1 January 2011 est.)

Current account balance :
$76.37 billion (2011 est.)

Exports :
$104.3 billion (2011 est.)

Exports – commodities :
liquefied natural gas (LNG), petroleum products, fertilizers, steel

Exports – partners :
Japan 30.3%, South Korea 13.1%, India 8%, Singapore 7.7%, UK 4.2% (2009)

Imports :
$25.33 billion (2011 est.)

Imports – commodities :
machinery and transport equipment, food, chemicals

Imports – partners :
US 15.5%, Germany 9%, UAE 7.3%, South Korea 6.5%, UK 6.1%, Japan 5.6%, Saudi Arabia 5.4%, Italy 5.3%, France 4.5%, China 4.2% (2009)

Reserves of foreign exchange and gold :
$20.39 billion (31 December 2011 est.)

Debt – external :
$82.05 billion (31 December 2011 est.)

Stock of direct foreign investment – at home :
$32.29 billion (31 December 2011 est.)

Stock of direct foreign investment – abroad :
$23.54 billion (31 December 2011 est.)

Exchange rates :
Qatari rials (QAR) per US dollar – 3.64 (2011 est.); 3.64 (2010 est.); 3.64 (2009); 3.64 (2008); 3.64 (2007)

Fiscal year :
1 April – 31 March

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