Qatar forecasts 15 per cent GDP growth in 2008

27 March 2008
Qatar has forecast gross domestic product (GDP) growth of 15.5 per cent this year, compared with 12.5 per cent in 2007, largely due to increased energy export revenues.

Doha’s Planning Council, which released preliminary GDP data for 2007 on 27 March, says its mining and quarrying sector, which includes oil and gas production, grew by 9.3 per cent in 2007 and is on track to expand by 10.9 per cent this year.

That compares with growth of 28.7 per cent in 2006 and 46.3 per cent in 2005, as the state’s liquefied natural gas (LNG) ventures come on board at Ras Laffan.

GDP is expected to reach QR268.4bn ($73.7bn) this year compared with $63.8bn in 2007 and $56.7bn in 2006.

Qatar says its construction sector grew by 22 per cent in 2007, which will edge up to 24.2 per cent this year, while the financial services sector should jump 27.8 per cent this year, after growing by 23 per cent in 2007.

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