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04-01-15

Qatar s non-hydrocarbon sector account for 50.7 percent of GDP

(MENAFN) According to Qatar's Ministry of Development Planning and Statistics (MDPS), the country's non-hydrocarbon sector in Qatar is expected to push its share of GDP to reach almost 50.7 percent during the July-September period of 2014 for the first time in comparison with 49.0 percent during the second quarter in 2014

During the first nine months of 2014, Qatar's GDP growth accelerated to 6 percent in comparison with 5.7 percent in the previous quarter, and despite the decline registered in the hydrocarbon sector, which declined 2.8 percent as a result of lower crude oil production and temporary gas production shutdowns for maintenance.

Meanwhile the growth in the non-hydrocarbon sector averaged 11.9 percent, which is even higher than our forecast of 11.2 percent that was expected for the full year, with the growth being attributed to the large investments in major infrastructure projects and by the fast growing population

These major infrastructure projects include the new metro in Doha, major real estate projects such as Mushaireb in the center of old Doha and to the north, as well as new roads, highways and the further expansion of the new Hamad International Airport, which all resulted in a 18.5 percent growth in construction activity, thus making it the fastest growing sector in the country.

In terms of other sectors, transportation and communication increased by 10.5 percent, fnancial, real estate, and business services also grew by 13.7 percent due real estate services being boosted by the demand for housing for the growing population.

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