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30-09-12

Qatar's GDP grows 5% in Q2

(MENAFN) An official report showed that Qatar's economy expanded by 5 percent, in inflation-adjusted terms, year-on-year during the second quarter of 2012, Reuters reported. This was achieved as its non-energy sectors including finance and construction largely offset a cooling energy sector, according to Qatar Statistics Authority. The report showed that the second-quarter growth was slower than the first quarter, when it was 6.9 percent year-on-year. On quarterly basis, second-quarter GDP expanded 2.5 percent from the first quarter. The energy sector, which accounts for almost half of the gas-rich country's economy, grew in real terms by only 0.8 percent from a year earlier in the second quarter and shrank 0.1 percent from the first quarter, because of the weaker global oil prices. On the other hand, the financial services, transport and communications and construction sectors have grown by 12.1 percent, 18 percent and 10 percent respectively. Qatar has launched over USD100 billion infrastructure building programme, partly in preparation to host the 2022 soccer World Cup. In June, Qatar's state planning authority said it expected economic growth of 6.2 percent this year, slowing to 4.5 percent in 2013, the weakest rate in a decade.

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