Area: 11,586 sq. km
Population: 2,437,000 (2014, est.)
GDP: USD 210.1bn (2014, est.)
Exports: USD 121.2bn (2014, est.)
Imports: USD 39.12bn (2014, est.)
Currency: Qatari Rial (QAR)
Exchange rate: 1 USD = 3.64 QAR (01/2016)
Economic Structure and Development:
Qatar’s economy is characterised by its huge offshore gas reserves in the north of the country. The so-called Northfield president norms gas stocks, amounting to 25.4tn cubic metres, and as part of the South Pars gas field, which Qatar shares with Iran.
The small country is the world’s fourth largest gas producer and by far the largest gas exporter, with that exploits amounting to 105.4bn cubic-metres in 2012. The oil sector, however, was not a key driver of growth in the country, and this is not expected to change in the near future. Real growth in the island gas sectors declined to 1.7% in 2012 from 15.7% in 2011, and Qatar National Bank projects that growth in the sectors will fall to 1.2% in 2014. On a gas amounted to 57.8% of overall Qatari GDP in 2012, the largest contributor by far. The non-all and gas sectors, however, increased noticeably by 10% in 2012 and are expected to grow even further.
As the leading LNG supply, Qatar has recorded one of the highest GDP growth rates in the world over the past few years thanks to the rapid increase in gas exports. GDP growth, however, has fallen to a more sustainable level in recent years, having increased by 16.7% in 2010. In 2013 the GDP “only” grew by 5.2% to nearly USD 200bn, and for 2014 estimations expect a 5% growth of USD 209.9bn. this high GDP was produced by the aforementioned is 57.8% stake from oil and gas in 2012, with manufacturing at 9.8%, construction at 4.4%, transportation and communication at 3.3%, accommodation and tourism at 5.6%, financial services and real estate at 10.2% and government services at 8.7%. Of the GDP, a 12.5% share was used to private consumption, 12.7% for government expenses, 28.5% for gross fixed capital formation and 46.2% for external balance or the net exports. In 2012, the transport and communication sector grew by 12.1%, manufacturing by 11.8%, construction by 10.6%, accommodation and tourism by 7.7%, Financial services by 6.7%, agriculture and fisheries by 4.5%, mining by 1.7% and government services by 11.5%.
The economic development of Qatar is highly influenced by the so-called “Qatar National Vision 2030” as well as the hosting of the 2022 FIFA World Cup. The former is the governmental national development program, which will provide framework conditions for the transition of Qatar from an emerging market economy to highly developed industrial nation. The development and extension of domestic infrastructure – such is transferred, the water and energy supply and accommodation – are part of the plans in the program alongside the further diversification of the market. The construction of stadiums, a metro system in the capital Doha and the railway network are just some of the projects which are planned or already under construction in the framework of preparations for the World Cup 2022. In addition, Qatar is eagerly embarking on a relatively aggressive investment strategy in Europe, and most recently especially in Asia, to further diversify its economic portfolio.
For the medium term, one can forecast as sustained but slower GDP growth due to high gas revenues. Consequently, cut our world continue to see increase infrastructural investments with the aim of further diversifying the economy, as well as further urban development even beyond the 2022 World Cup, why imports will retain their vital economic role. Due to its small population size Qatar will remain relatively insignificant market in the short-term expert except for in the energy nearing and environmental technology sector. The country must rely on its huge gas resources, it’s prosperous economy, its status as an emerging markets, and its high budget surpluses. In combination with the continuous demographic growth, there will be plenty of opportunities for foreign companies to invest in urban development, infrastructure, petrochemicals, and also in project related to the World Cup. But there is still a long way to go for the small country, especially in terms of human rights, the political participation of its citizens, as well as modern and just policies for foreign workers. The vast number of megaprojects could also lead to both a funding shortfall and an overheating of the construction and transport sector, hindering efforts to deliver all necessary World Cup project in time.
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