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Posted On: 19 January 2009 12:16 pm
Updated On: 12 November 2020 02:09 pm

Qatar’s economy growing rapidly

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There are signs of the cost of living in the country easing a bit as the overall rate of inflation is expected to be 14.5 percent for the year 2008. Despite the onset of a worldwide recession, Qatar’s economy is growing at a rapid pace with the gross domestic product (GDP) expected to grow by an impressive 28.4 percent in 2008. “All economic indicators are positive and economic growth is taking place at a rapid rate,” said the Governor of the Qatar Central Bank (QCB), H E Sheikh Abdullah bin Saud Al Thani. The rate of inflation in the second quarter of last year was higher at 16.5 percent, Sheikh Abdullah told QNA yesterday. Inflation eased to 15.8 percent in the next (third) quarter with the overall rate for the entire is expected to be 14.5 percent. Oil prices in the global markets were $40 per barrel in December last year but the overall average for the year was at $94 per barrel.