The non-oil sector is forecasted to have overtaken the hydrocarbons sector as the largest contributor to Qatars economy in 2015.
Speaking at MEEDs Qatar Projects conference in Doha on 15 March, Ali Ahmed al-Kuwari, group chief executive officer, Qatar National Bank (QNB) said that the percentage share of hydrocarbons to Qatars nominal GDP had declined from 57 per cent in 2012 to 51.1 per cent in 2014, and is forecasted to have fallen to 34 per cent in 2015.
Al-Kuwari said that the growth of Qatars non-hydrocarbon GDP had increased by more than 10 per cent a year since 2012, reaching 10.6 per cent in 2013 and 2014. This contrasts with the countrys hydrocarbon GDP, which grew by 0.1 per cent in 2013, and recorded negative growth of -1.5 per cent in 2014.
The QNB CEO said that the growth of the countrys non-oil sector was being driven by government investment in economic diversification programmes.
Al-Kuwari revealed that for the first three quarters of 2015, financial services accounted for the largest proportion of non-oil nominal GDP, accounting for 28.6 per cent, with government services accounting for 20.5 per cent. Manufacturing accounted for 15.6 per cent and trades, restaurants and hotels accounted for 14.5 per cent. The construction sector accounted for 14.1 per cent of the countrys non-oil nominal GDP for the first three quarters of last year.