Business
Faster non-oil expansion triggers 4.3% year-on-year real GDP growth in Qatar in Q3, 2022: PSA
January 11, 2023 | 06:59 PM
A strong double-digit expansion - especially in non-oil sectors such as transportation and storage, wholesale and retail trade and information and communication - led Qatar to report a 4.3% real (inflation adjusted) growth on an annualised basis during the third quarter (Q3) of 2022, according to the official estimates.The mining and quarrying sector, under which hydrocarbons fall, grew 2.7% year-on-year and the non-mining and quarrying sector rose faster at 5.3% to QR175.03bn. The agriculture, forestry and fishing sectors soared 13.1% during Q3, 2022, according to figures released by the Planning and Statistics Authority (PSA).On a quarterly basis, the country’s real GDP gained 3.6% during Q3, 2022 as the mining and quarrying sector was up 0.8% and non-quarrying by 5.4%. The farm sector had seen a 0.7% growth compared to the second quarter of 2022.Within non-hydrocarbons, the transport and storage sector is estimated to have grown 28.4% in real terms on an annualised basis, followed by information and communication (15.9%), wholesale and retail trade (10.7%), construction (4.5%), utilities (3.6%), manufacturing (2.5%) and real estate (2.3%).However, finance and insurance services sector declined 5.4% and accommodation and food services (2.8%).On a quarterly basis, the accommodation and food service sector surged 34.6%, wholesale and retail trade (19.1%), information and communication (18.6%), utilities (18.4%), construction (9.3%), finance and insurance (9.3%), transport and storage (1.1%) and realty (0.2%); while manufacturing shrank 1.5% during the review period.On a nominal basis (at current prices), Qatar's GDP is estimated to have soared 30.7% and 5.5% year-on-year and quarter-on-quarter respectively at the end of Q3, 2022.The mining and quarrying sector saw a healthy 56.2% and 8% surge on yearly and quarterly basis respectively and non-hydrocarbons 14.5% and 3.5% year-on-year and quarter-on-quarter respectively in the review period.Within the non-hydrocarbons sector (in nominal terms), there was a stupendous 39% surge in transport and storage, 26.3% in manufacturing, 17.7% in construction, 15.2% in information and communication, 12.3% in wholesale and retail trade, 12% in real estate, 4.5% in finance and insurance and 3.6% in utilities; even as accommodation and food services weakened 3.1% during the review period.On a quarterly basis in nominal terms, the accommodation and food services segment saw a 31.9% surge, wholesale and retail trade (19.2%), utilities (16.4%), information and communication (16.1%), construction (10.7%), finance and insurance (9.3%), real estate (3.6%) and transport and storage (3%); whereas manufacturing tanked 15.5%.The import duties, on real terms, are estimated to have risen 30% and 2.2% year-on-year and quarter-on-quarter respectively at the end of third quarter 2022. On nominal terms, they reported 31.8% and 2.3% jump respectively in the review period.
January 11, 2023 | 06:59 PM