Qatar economy expands 2% in real terms in Q4; non-hydrocarbons sector grows faster

Qatar witnessed its economy grow 2% in real terms during the fourth quarter (Q4) of 2021, backed by strong rebound in transport, information and communication, and hospitality sectors, according to official data.A 2.3% inflation-adjusted growth in the non-hydrocarbons and 1.3% in mining and quarrying sectors led the country's GDP (gross domestic product) at constant prices (base year 2013) to reach QR166.24bn in the review period, according to figures released by the Planning and Statistics Authority (PSA).On a quarterly basis, the country’s real GDP was down 0.9% during Q4, 2021 with the mining sector and non-mining sectors declining 2.3% and 0.1% respectively, even as the agriculture sector saw a 1.7% expansion.Within non-hydrocarbons, on yearly basis, the transport and storage sector is estimated to have grown 25.6% in real terms, information and communication (16.2%), accommodation and food services (12.9%), construction (4.7%), finance and insurance (2.7%), utilities (2.4%) and real estate (0.5%); while wholesale and retail trade declined 4.8% and manufacturing by 3.7%.On quarterly basis, the utilities segment witnessed a huge 23.1% contraction in real terms, 4.3% in manufacturing, 3.2% in real estate, 2.7% in finance and insurance; even as transport and storage shot up 8.7%, wholesale and retail trade (6.1%), information and communication (6%), construction (1.7%) and accommodation and food services (0.8%).On nominal basis (at current prices), Qatar's GDP is estimated to have soared 29.3% year-on-year but fell 0.3% quarter-on-quarter at the end of fourth quarter of 2021.The hydrocarbons segment saw a healthy 63.7% surge on yearly basis, while it shrank 6.2% on quarterly basis, and the non-hydrocarbons sector saw 15.4% and 3.4% jumps year-on-year and quarter-on-quarter respectively in the review period.Within the non-hydrocarbons sector, there was a stupendous 46% yearly surge in nominal terms, 35.8% in manufacturing, 27.6% in construction, 22.6% in accommodation and food services, 21.2% in finance and insurance, 18.1% in information and communication, 3.4% in wholesale and retail trade and 1.1% in utilities, whereas the real estate segment was down 3.4% during the review period.On quarterly basis in nominal terms, the finance and insurance sector grew 11.6%, transport and storage (10%), construction (9.8%), wholesale and retail trade (7.6%), information and communication (7.6%), and accommodation and food services (4.8%); whereas utilities plummeted 23%, manufacturing (4.9%) and real estate (2.7%).The import duties, on real terms, are estimated to have risen 15.6% and 15.3% year-on-year and quarter-on-quarter respectively at the end of fourth quarter 2021. On nominal terms, they reported 25.6% and 16.9% jump respectively in the review period.