Qatar’s official 2013 GDP growth forecast revised to 6.0% from 5.3% - ministry

By bne IntelliNews December 17, 2013

Qatar’s 2013 GDP growth forecast has been revised upwards to 6.0% from 5.3% reflecting the unforeseen expansion of gas production as well as the revisions of historical data in the services sector driving growth, development planning and statistics ministry said in a report.

The ministry forecasts the GDP growth will slow down to 4.6% in 2014 on the back of the expanding non-hydrocarbon economy lead by investments in infrastructure and real estate sectors coupled with an expansionary fiscal policy. The moderation in growth compared to previous years would reflect a marginal decline in oil production from maturing wells with leveling off of gas output.

According to development planning and statistics minister Saleh Al Nabit, the overall outlook is set to expand during the foreseeable future, at a time when the profile of the non-oil and gas economy will continue to become more pronounced, with new business opportunities arising in the financial services, transport, communications and tourism sectors.

Consumer inflation is forecast to accelerate from 3.2% in 2013 to 3.5% in 2014, expected to be driven by moderately higher prices of imports as well as by an upward pressure on rental housing due to rising material and project costs.   

The ministry anticipates Qatar’s dual fiscal and external surpluses to continue in 2014 and beyond. The fiscal surpluses will, however, slightly moderate after 2013 as capital spending related to infrastructure programmes ramps-up. While the current account surplus is expected to be close to 23% of GDP in 2014.

Related Articles

UAE investor to develop $500mn agri-food group in Romania

The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more

UAE to buy major stakes in Kazakh special economic zones

The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more

Survival of Iran nuclear deal appears far less likely under US Secretary of State Mike Pompeo

The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more