Workers' remittances from Qatar witnessed a marginal increase of more than 1%  year-on-year to QR10.98bn during the first quarter of this year, despite slowdown in the economy, according to official figures.
The remittances constituted about three-fourths of total debit current transfer in the review period, the Ministry of Development Planning and Statistics said in a report released on Sunday.
The remittances during the first quarter of 2015 amounted to QR10.86bn, which was more than 72% of the total debit current transfers, MDPS said quoting Qatar Central Bank figures.
Qatar's real (inflation-adjusted) gross domestic product (GDP) had grown 1.1% year-on-year in the first quarter of this year compared to 1.9% in the comparable period of 2015.
The real gross value added (GVA) in the country's mining and quarrying sector, under which hydrocarbon falls, showed 3% decline year-on-year in the first quarter of 2016 against 3.2% dip in the same period of 2015, while the GVA of non-mining sectors expanded 5.5% compared to 8%.
On a year-wise classification, the workers’' remittances from Qatar have had a rollercoaster growth pattern during 2012-15.
The remittances in 2015 is estimated to have grown more than 8% year-on-year to QR43.82bn, which constituted about 74% of the total debit current transfers.
The remittances had reported a marginal 0.44% decline in 2014 to QR40.37bn, which was about 61% of total debit current transfers, while they had seen more than 8% growth in 2013 to QR40.55bn (more than 70%).
In 2012, the remittances were down 0.29% to QR37.43bn (more than 64% of debit current transfers).
In 2011, workers' remittances stood at QR37.54bn or more than 71% of debit current transfers, MDPS data found.
Qatar accounted for more than $10.4bn in remittances to countries across the globe in 2015, with South Asian countries receiving 70% of remittances from the country, Xpress Money had said earlier this year citing data from "World Bank Bilateral Remittances Matrices".
India, the largest recipient of remittances in the world, received $3.99bn from Qatar in 2015. Nepal followed at $2.02bn, Bangladesh ($525mn), Sri Lanka ($511mn) and Pakistan ($427mn), Xpress Money had said.
The MDPS also highlighted that Qatar's outbound foreign direct investment plunged about 63% year-on-year to QR1.52bn in the first quarter of this year. Similarly, foreign direct investments into the country plunged 88% year-on-year to QR0.12bn in the review period.
The outbound foreign direct investments broadly followed a downward path during 2011-15 except in 2012. The outbound direct investments from Qatar was QR36.8bn in 2011, fell to QR5.26bn in the subsequent year but only to rise substantially to QR32.26bn in 2013, after which it fell to QR20.78bn in 2014 and further to QR10.75bn in 2015.
Related Story