Posted on January 05, 2019

Qatar's economy displayed robust performance during the third quarter (Q3) of 2018 with the real (inflation-adjusted) growth ticking 2.2% year-on-year as faster expansion in non-hydrocarbons - especially construction, hospitality and transportation sectors - more than offset the weakened hydrocarbons, according to official estimates.

The country's gross domestic product (GDP) at constant prices (base year 2013) rose 4% against the second quarter of 2018 on stronger hydrocarbons and some of the non-oil segments such as utilities, wholesale and retail trade, hospitality and transport, said the figures released by the Planning and Statistics Authority. On a yearly basis, non-mining and quarrying sector is estimated to have grown 4.3%, even as hydrocarbons had reportedly eased marginally by 0.1%. On a quarterly basis, both mining and non-mining sectors are estimated to have risen 3.7% and 4.2% respectively, the Authority said.

Within non-hydrocarbons, the construction sector's real growth year-on-year is estimated to be 12.1%, accommodation and catering 9.8%, transport and storage 8.3%, finance and insurance 6.8%, information and communication 6.6%, real estate activities 3.2% and wholesale and retail trade 1.4%; while that of utilities plunged 10.2% and manufacturing 2%. On a quarterly basis, the utilities sector is estimated to have expanded 15.6%, information and communication 11.5%, wholesale and retail trade 11.2%, finance and insurance 7.9%, accommodation and catering 7%, construction 6.7%, transport and storage 5.3%, real estate activities 3.5% and manufacturing 0.1%.

On a nominal basis (at current prices), Qatar's GDP is estimated to have grown 20.4% on yearly basis and 6% quarter-on-quarter during Q3, 2018. The hydrocarbons saw 43.9% and 11.1% surge on a yearly and quarterly basis respectively during the review period and similarly the non-oil sector grew 9.7% and 3.2% respectively. The yearly nominal growth in the non-mining sector during Q3, 2018 was mainly due to the manufacturing sector which saw an 18.5% expansion, construction 15.9%, transport and storage 14.8%, finance and insurance 8.9%, information and communication 6.2%, wholesale and retail trade 5.4% and accommodation and catering 3.6%; whereas that of utilities and real estate activities declined 7.5% and 3.1% respectively.

On a quarterly basis, the utilities sector recorded a 24% surge, manufacturing 11.8%, information and communication 11.3%, transport and storage 9%, manufacturing 4.8%, finance and insurance 3.3%, accommodation and catering 3.2% and real estate activities 2.3%; while the construction GDP was down 0.8%. The import duties, on real terms, are estimated to have grown 16.5% on yearly basis while it contracted 8.1% on a quarterly basis. On nominal terms, their growth is estimated to be 20.4% year-on-year; while it shrank 7.6% quarter-on-quarter during Q3, 2018.

source: Gulf Times