A rebound in non-energy sectors – especially hospitality, logistics, wholesale and retail trade and manufacturing – helped Qatar post a robust 4% year-on-year growth in real terms in the second quarter (Q2) of 2021, according to the official data.
An healthy 6.2% inflation-adjusted growth in the non-hydrocarbons and a 0.7% in mining and quarrying sectors were instrumental in lifting the country's GDP (gross domestic product) at constant prices (base year 2013) in the review period, according to figures released by the Planning and Statistics Authority (PSA).
On a quarterly basis, the country’s real GDP has eased 0.3% in Q2-21 as a 0.4% growth in the mining sector was masked by a 0.8% decline in the non-mining sectors.
Highlighting that Qatar's economy has weathered the pandemic and the plunge in oil prices relatively well; the US-based Institute of International Finance recently said it expects modest economic recovery in 2021 driven by strengthening oil and gas prices, a revival in domestic demand as a result of the progress made in vaccination, and the end of the three-year blockade.
Within non-hydrocarbons, on a yearly basis, the accommodation and food services segment soared 41%, transportation and storage (26.9%), wholesale and retail trade (26.1%), manufacturing (13.4%), finance and insurance (8.7%), information and communication (5.2%), real estate (1.2%) and construction (0.6%) in Q2-21, PSA figures said.
On quarterly basis, the wholesale and retail trade segment plummeted 14.4%, accommodation and food services (5.8%), construction (2.8%), transportation and storage (2.2%) and information and communication (0.5%) in Q2-21.
Nevertheless, the utilities segment witnessed a 19.1% surge, finance and insurance (5.9%), manufacturing (3.6%) and realty (2.3%) in the review period.
On a nominal basis (at current prices), Qatar's GDP is estimated to have zoomed 36.1% and 5.4% year-on-year and quarter-on-quarter at the end of Q2-21.
The hydrocarbons saw a stupendous 103.9% increase year-on-year in the review period. The sector grew 11% quarter-on-quarter in Q2-21.
In the case of non-hydrocarbons, the sector saw 14% and 2.4% growth on yearly and quarterly basis respectively in Q2-21.
Within the non-hydrocarbons sector, the manufacturing registered a 66.7% growth, accommodation and food service (48.6%), wholesale and retail trade (33.6%), transportation and storage (31.3%), finance and insurance (19.2%), construction (15%), utilities (14.4%) and information and communication (8.9%).
On a quarterly basis, the manufacturing expanded 19.9%, utilities (8.8%), construction (7.6%), transportation and storage (5.8%) and realty (0.5%); even as wholesale and retail trade retarded 12.6%, accommodation and food services (9.5%), and information and communication and finance and insurance (1.1% each).
The import duties, on real terms, are estimated to have risen 5% year-on-year but declined 2.9% quarter-on-quarter at the end of Q2-21. On nominal terms, the import duties reported 11.2% jump on a yearly basis but declined 0.8% on a quarterly basis in the review period.
An healthy 6.2% inflation-adjusted growth in the non-hydrocarbons and a 0.7% in mining and quarrying sectors were instrumental in lifting the country's GDP (gross domestic product) at constant prices (base year 2013) in the review period, according to figures released by the Planning and Statistics Authority (PSA).
On a quarterly basis, the country’s real GDP has eased 0.3% in Q2-21 as a 0.4% growth in the mining sector was masked by a 0.8% decline in the non-mining sectors.
Highlighting that Qatar's economy has weathered the pandemic and the plunge in oil prices relatively well; the US-based Institute of International Finance recently said it expects modest economic recovery in 2021 driven by strengthening oil and gas prices, a revival in domestic demand as a result of the progress made in vaccination, and the end of the three-year blockade.
Within non-hydrocarbons, on a yearly basis, the accommodation and food services segment soared 41%, transportation and storage (26.9%), wholesale and retail trade (26.1%), manufacturing (13.4%), finance and insurance (8.7%), information and communication (5.2%), real estate (1.2%) and construction (0.6%) in Q2-21, PSA figures said.
On quarterly basis, the wholesale and retail trade segment plummeted 14.4%, accommodation and food services (5.8%), construction (2.8%), transportation and storage (2.2%) and information and communication (0.5%) in Q2-21.
Nevertheless, the utilities segment witnessed a 19.1% surge, finance and insurance (5.9%), manufacturing (3.6%) and realty (2.3%) in the review period.
On a nominal basis (at current prices), Qatar's GDP is estimated to have zoomed 36.1% and 5.4% year-on-year and quarter-on-quarter at the end of Q2-21.
The hydrocarbons saw a stupendous 103.9% increase year-on-year in the review period. The sector grew 11% quarter-on-quarter in Q2-21.
In the case of non-hydrocarbons, the sector saw 14% and 2.4% growth on yearly and quarterly basis respectively in Q2-21.
Within the non-hydrocarbons sector, the manufacturing registered a 66.7% growth, accommodation and food service (48.6%), wholesale and retail trade (33.6%), transportation and storage (31.3%), finance and insurance (19.2%), construction (15%), utilities (14.4%) and information and communication (8.9%).
On a quarterly basis, the manufacturing expanded 19.9%, utilities (8.8%), construction (7.6%), transportation and storage (5.8%) and realty (0.5%); even as wholesale and retail trade retarded 12.6%, accommodation and food services (9.5%), and information and communication and finance and insurance (1.1% each).
The import duties, on real terms, are estimated to have risen 5% year-on-year but declined 2.9% quarter-on-quarter at the end of Q2-21. On nominal terms, the import duties reported 11.2% jump on a yearly basis but declined 0.8% on a quarterly basis in the review period.