Qatar’s nominal GDP hits QR192bn in Q1

July 01, 2014 - 5:16:26 am

DOHA: Qatar’s nominal Gross Domestic Product (GDP at current price) estimate for first quarter of 2014 (Q1 2014) reached at QR192.38bn ($52.83 bn), witnessing a 2.6 percent growth compared to QR187.46bn ($51.48bn) in the corresponding period in 2013, latest official figures show. 

However, the real GDP for Q1 2014 (calculated at constant prices of 2004) stood at QR94.74bn, registering a growth of 6.2 percent compared to QR89.24bn for the same period last year, according to statistics released by the Ministry of Development Planning and Statistics yesterday. 

On quarter-on-quarter comparison, Qatar’s economy soared by 2.1 percent (at current prices) compared to estimate of QR188.44bn in the last quarter of 2013 (Q4 2013). When compared to the previous quarter (Q4 of 2013) estimate of QR92.66bn (constant price), the growth in this quarter is 2.3 percent.

The nominal Gross Value Added (GVA) estimate of mining and quarrying sector, including oil and gas sector, has been QR102.62bn, which shows a decline of 4.5 percent over the estimate of Q1 2013, placed at QR107.50bn. However, compared to the previous quarter (Q4 2013) estimate, there has been a rise of 2.9 percent in the GVA of the sector. 

The receding crude oil production and the flat full capacity gas production primarily explain the decline in this sector. Besides this, reduction in international price levels of crude oil in this quarter has led to even sharper decline in nominal GVA of this sector.

The nominal GVA estimate of non-mining and quarrying sectors is QR89.77bn, an increase of 12.3 percent over the estimate of QR79.96bn during Q1 2013.

The high growth in the Q1 2014 is the result of double-digit rise seen mainly in construction, trading, hospitality and financial sectors, coupled with over 9.2 percent jump in the country’s population in Q1 2014. The nominal GVA of manufacturing sector is estimated at QR18.17bn showing a marginal increase of 1 percent over the estimate of QR17.99bn for the corresponding quarter of 2013. When compared to Q4 of 2013 estimate, an increase of 0.2 percent was noted.

The nominal GVA estimate of the construction sector stood at QR11.01bn showing an increase of 22.4 percent when compared to the estimate of QR9bn for the corresponding quarter of 2013. This double-digit growth is primarily due to rising production volume. The nominal GVA of trade, hotel and restaurants group is estimated at QR11.64bn registering an increase of 21.8 percent. Transport and communication sectors generated QR6.97bn in Q1 2014 against QR6.33bn in Q1 2013 showing a rise of 10.2 percent. 

Nominal GVA of finance, insurance, real estate and business services sector group of economic activities is estimated at QR23.78bn in Q1 2014, showing an increase of 18.1 percent, primarily due to rise in banking and real estate sectors. The Peninsula