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Posted On: 13 August 2008 08:38 am
Updated On: 12 November 2020 02:08 pm

Qatar registers 53 percent growth in Q1

Khalifa Al Haroon
Khalifa Al Haroon
Your friendly neighborhood Qatari
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Qatar's economy grew by 53 percent in the year up to March end, to QR84.3bn, compared to QR55bn in the first quarter (Q1) of 2007, according to the Qatar Statistics Authority (QSA). Expectedly, in Q1 of 2008, oil and gas, categorised under mining and quarrying, generated revenues of QR51bn, an increase of a whopping 72.9 percent from the QR29.5bn in Q1 of 2007. This is undoubtedly due to the rise in international oil prices. The finance and insurance sectors grew to QR7.64bn from QR7.26bn, a 5.2 percent increase between the two quarters measured. Government services in Q1 of 2008 accounted for QR9.76bn, up from the QR5.55bn of Q1 2007, a rise of 76 percent. Disappointing perhaps, considering all the efforts being put in by the government to boost Small and Medium Enterprises (SMEs), was the increase from Q1 2007 (QR4.12bn) to QR4.9bn in the manufacturing sector, a 19 percent rise. Construction rose by 41.6 percent from QR2.95bn to QR4.18bn, an indication of the increase in building work going on around the country. The trade, restaurant and hotels sector rose to QR3.08bn from QR2.79bn, an increase of 10.4 percent. Transport and communications went up from QR2.24bn to QR 2.5bn, up by 12 percent. Utilities rose from QR696m to QR1.3bn, a jump of 87.5 percent. Import duties raked in QR805m, an increase of 37.1 percent from the QR587m in Q1 of 2007. Social services accounted for QR544m of revenues, a rise of 2.3 percent from the QR532m of Q1 2007. Household services rose 5.9 percent from QR306m to QR324m while agriculture and fishing brought in a meagre QR65m, up 6.6 percent from the QR61m of Q1 of 2007. The Pen