Qatar’s economy is estimated to have grown at 4.1% year-on-year (y-o-y) in the first quarter of this year, using the new base year, supported by the non-hydrocarbon sector, according to official figures.
The country’s real (inflation-adjusted) gross domestic product (GDP) has risen 3.4% compared with the last quarter of 2014, said the Ministry of Development Planning and Statistics (MDPS) figures, using the new base year of 2013 instead of the earlier base of 2004.
In nominal terms (at current prices), Qatar’s GDP has been declined by 14%, it said.
The mining and quarrying sector, under which falls the oil and gas segment, is estimated to have fallen by a marginal 0.1% year-on-year; while the non-mining and quarrying sector’s growth has been estimated at 8.9%, MDPS said.
“The high growth (in non mining and quarrying sector) in the first quarter of 2015 is the result of the double-digit rise seen mainly in the construction, trading, hospitality and financial sectors, coupled with the more than 10% jump in the country’s population in Q1 2015,” the ministry said.
In nominal terms, mining and quarrying showed a fall of 31.5% y-o-y due to lower international oil prices; even as non-mining and quarrying reported a 7.1% growth.
The mining and quarrying sector has, however, reported a real growth of 4.2% over the fourth quarter (Q4) of 2014 and non-mining and quarrying sector by 2.6%.
The real gross valued added in the manufacturing sector is estimated to have expanded 9% y-o-y, mainly due to the refinery and petrochemicals. In nominal terms, the sector’s growth has witnessed an 8.9% decline. Compared to Q4, 2015, the sector had reported 2.1% real growth.
Major public investments helped the real gross value added in the construction to report an increase of 11.4% y-o-y in Q1, 2015. In nominal terms, the sector is estimated to have grown 15.2%. Against Q4, 2015, the sector saw an 11.9% expansion in real gross value added.
Finance, insurance, real estate and business services reported a 9.8% jump y-o-y in the real gross value added in the first quarter of this year. The sector has shown an 11.3% expansion in nominal terms. Compared to Q4, 2015, the sector noticed an 8.6% growth in real terms.
The trade, hotels and restaurant segment registered a real growth of 9.3% y-o-y and in nominal terms it rose 11.5%. However, against Q4, 2015, the sector had seen an 11.8% plunge in real terms.
The transport and communication sector is estimated to have grown 4.8% y-o-y and in nominal terms its growth was 11.5%. Compared to Q4, 2015, the sector saw a 2.2% growth in real terms.
The government sector witnessed an 5.8% growth y-o-y; in nominal terms it showed a 7.5% expansion. Against Q4, 2015, the sector had seen 3.4% growth in real terms.
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