Qatar's economy witnessed a marginal slowdown during the fourth quarter (Q4) of 2019 with the real (inflation-adjusted) gross domestic product (GDP) edging down 0.6% year-on-year, mainly dragged by the hydrocarbons and manufacturing sectors.
Faster expansion in non-hydrocarbons – especially hospitality, logistics, utilities and financial sectors to a great extent salvaged the weakened mining and manufacturing that it limited the fall in overall real growth, according to figures released by the Planning and Statistics Authority (PSA).
The country's GDP at constant prices (base year 2013) shrank 1.4% against the third quarter of 2019 on precipitous weakening in the hydrocarbons and manufacturing sectors.
On a yearly basis, the mining and quarrying sector is estimated to have fallen 3.4%, even as non-hydrocarbons had gained 2%. On a quarterly basis, the mining sector saw a 3.4% decline; whereas non-mining and quarrying sector edged up 0.3% during the review period.
Within non-hydrocarbons, the utilities (electricity, gas and water supply) witnessed a 40.3% yearly surge; accommodation and food services (14.3%), transportation and storage (9.4%), financial and insurance activities (5.2%), wholesale and retail trade (0.7%) and real estate (0.2%); while information and communication sector saw a 9.4% decline, construction (1.8) and manufacturing (1.5%).
On a quarterly basis, the accommodation and food services sector is estimated to have grown 8.5%, finance and insurance (7.9%), transportation and storage (4.2%), wholesale and retail trade (3.8%), construction (2.2%) and real estate (1.8%); whereas utilities, manufacturing and agriculture sectors fell 17.8%, 5.7% and 3.9% respectively.
On a nominal basis (at current prices), Qatar's GDP is estimated to have declined 7.2% year-on-year but was up 0.2% quarter-on-quarter at the end of Q4, 2019.
The hydrocarbons saw 19% and 1.9% shrinkage year-on-year and quarter-on-quarter respectively during Q4, 2019; whereas the non-hydrocarbons saw a marginal 0.1% dip on a yearly basis, while it grew 1.2% on a quarterly basis.
The utilities sector reported a stupendous 39.6% yearly surge; 19.8% for food and accommodation services, 7.9% for transportation and storage, 7.4% for financial and insurance services and 1.7% for wholesale and retail trade; even as there was a 13.9% fall in manufacturing, 9.7% in information and communication, 6% in construction and 3.2% in real estate.
On a quarterly basis, the accommodation and food services sector is estimated to have grown 13.2%, financial and insurance services (11.3%), construction (5.2%), wholesale and retail trade (4%) and real estate (1.2%); while utilities declined 10.8%, information and communication (10.7%), manufacturing (9.2%), agriculture (5.5%), and transportation and storage (4.5%).
The import duties, on real terms, are estimated to have grown 7.3% and 6.3% on yearly and quarterly basis respectively at the end of Q4, 2019. On nominal terms, their growth is estimated to be 5.3% year-on-year; while it shrank 4% quarter-on-quarter during Q4, 2019.