A robust expansion in both hydrocarbons and non-hydrocarbons helped Qatar economy register 5.5% surge year-on-year in real terms (inflation-adjusted) during the third quarter (Q3) of this year, according to the Ministry of Development Planning and Statistics (MDPS).
The country's gross domestic product or GDP at constant prices (base year 2013) grew 1.9% compared to Q3, 2016 mainly on the back of non-hydrocarbons, particularly construction, manufacturing and financial sectors.
Qatar's growth trajectory indicates that the blockade by the siege countries haven't altered the strong fundamentals, which rest on the solid platform, a phenomenon that has been corroborated by world economic think tanks including the Bretton Woods institution, experts said.
On a quarterly basis, mining and quarrying sector is estimated to have grown 6.6% and non-hydrocarbons 4.5% during Q3, 2017; it was 0.2% and 3.6% on a yearly basis.
“The strong hydrocarbons growth is reflective of the expected strength of its financial liquidity,” sources in the exchange house said.
Within non-hydrocarbons, the wholesale and retail trade's real growth year-on-year is estimated to be 10.9%, manufacturing 10%, construction 8.8%, utilities 5%, information and communication 3.6%, real estate 1.5%; while that of finance and insurance fell 1.4%, transport and storage 0.3% and accommodation and catering (0.1%).
On a yearly basis, construction witnessed 14.7% surge, finance and insurance (5.5%), manufacturing (5.1%) and realty (4.1%); whereas that of utilities shrank 6.7%, information and communication (6.2%), wholesale and retail trade (3.2%), accommodation and catering services (1.6%) and transport and storage (0.6%).
On a nominal basis (at current prices), Qatar's GDP is estimated to have grown 7.4% and 3.9% year-on-year and quarter-on-quarter respectively. The hydrocarbons saw 14.6% and 8.6% surge on yearly and quarterly basis and non-hydrocarbons 4.1% and 1.9% respectively.
The yearly nominal growth in non-mining in Q3, 2017 was mainly due to the increases seen in manufacturing, construction and financial and insurance, which reported 14.9%, 10.7% and 3.3% growth respectively. Nevertheless, nominal growth in information and communication, accommodation and catering, wholesale and retail trade, and utilities declined 6.3%, 3.4%, 1.4% and 1.1% respectively.
On a quarterly basis, the manufacturing sector expanded 16.4%, utilities (11.4%), wholesale and retail trade (10.5%), information and communication (3.4%), transport and storage (1.7%), construction (1.2%) and real estate (0.9%); while that of finance and insurance shrank 7.1% and accommodation and catering (2.1%).