• Non-hydrocarbon sector drove growth in 2014
  • Non-hydrocarbon sector saw an expansion of 11.5 per cent
  • Hydrocarbon economy contracted by 1.5 per cent

Qatar’s economy saw an expansion of 6.2 per cent during 2014, according to data released by the Development Planning & Statistics Ministry.

The non-hydrocarbon sector was the engine of growth, expanding by 11.5 per cent on the back of spending on large capital projects, including infrastructure for the Qatar 2022 Fifa World Cup football tournament.

At the same time, the hydrocarbon economy contracted by 1.5 per cent as global oil prices collapsed, falling nearly 50 per cent in the second half of the year.

Government-owned Qatar National Bank (QNB) has forecast that the hydrocarbon economy will return to growth in 2015, with a 0.8 per cent expansion.

Headline growth is expected to be 7.0 per cent, with the non-hydrocarbon economy expanding by 10.8 per cent.

The growth in the non-hydrocarbon economy will continue to be driven by the country’s investment in infrastructure for the World Cup event, according to QNB.

In its 2014/15 budget, the Qatari government earmarked capital spending of $182bn until 2018, excluding spending in the oil and gas sector.

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