However, the country’s gross domestic product, or GDP, at constant prices (base year 2013) fell 3.6% compared to the fourth quarter of 2017 on weaker hydrocarbons and non-hydrocarbons, according to figures released by the Ministry of Development Planning and Statistics (MDPS).
“Despite the slight slowdown in the third quarter of 2017, the economy started picking up right after the embargo and went back to full speed ahead, and actually exceeded all expectations in Q1, 2018,” Talal F Samhouri, head of asset management, Amwal, said.
A self-imposed moratorium on new projects in the North Oil Field until the second quarter of 2017 and the Organisation of Petroleum Exporting Countries’ deal had restrained the growth of hydrocarbon output, resulting in an estimated overall real GDP growth of 2.1% in 2017, the International Monetary Fund had said.
On a quarterly basis, the mining and quarrying sector is estimated to have decelerated 3.3% and non-hydrocarbons by 4% during Q1, 2018, MDPS said.
Within non-hydrocarbons, the construction sector’s real growth year-on-year is estimated to be 17.2%, followed by finance and insurance (4.1%), manufacturing (3%), transport and storage (3%), real estate (2.7%), and accommodation and catering (0.9%); while that of utilities declined 8%, followed by wholesale and retail trade (2.7%) and information and communication (0.3%).
On a quarterly basis, the utilities sector is estimated to have contracted 19.7%, followed by manufacturing (16.1%), accommodation and catering (8.3%), wholesale and retail trade (8.2%), finance and insurance (7.6%) and real estate (5.6%); whereas information and communication grew 6.6%, construction 6.5% and transport and storage rose 2.7%.
On a nominal basis (at current prices), Qatar’s GDP is estimated to have grown 7% on yearly basis; whereas it declined 1% quarter-on-quarter. The hydrocarbons sector saw a 4.3% expansion year-on-year; while it shrank 5.2% on quarterly basis; while in the case of non-hydrocarbons, it reported 8.3% and 1.2% growth respectively. The yearly nominal growth in the non-mining sector during Q1, 2018 was mainly due to the construction sector which saw 21.8% growth, followed by manufacturing (13%), finance and insurance (5.3%), transport and storage (2.4%) and wholesale and retail trade (0.5%). Nevertheless, there was a 3.9% shrinkage in the real estate sector performance, followed by utilities (3.5%), accommodation and catering (3.4%) and information and communication (0.6%).
On a quarterly basis, the utilities sector recorded a 31.5% plunge, manufacturing (12.4%), accommodation and catering (6.7%), realty (6.4%) and wholesale and retail trade (5.9%); while construction posted 12.2% growth, transport and storage (8%), information and communication (7%) and finance and insurance (5.9%).
