(MENAFN) The Ministry of Development Planning and Statistics expected Qatar's GDP to hit 6.3% growth in 2014 and 7.8% in 2015, driven by gathering expansion of the non-hydrocarbon economy, QNA reported.
The desire to growth from hydrocarbon production in the past years is receding, and growth increasingly dependent on solid performance in other sectors, according to the QEO report.
HE Minister of Development Planning and Statistics Dr. Saleh bin Mohammed Al Nabit said that "The last few years have shown a robust trend of continuous growth in non-hydrocarbon sectors. Last year, for example, services and construction were the main contributors to economic growth, propelled by investments in infrastructure." He added "in the coming years, growth is expected to be more broadly based still." The QEO report, released every six month by the Ministry of Development Planning and Statistics, said that inflation forecast to be largely unchanged in 2014 at 3.0% compared to 3.1% last year, and to increase modestly in 2015 to 3.4%.
Domestic inflationary pressures are expected to pick up over the rest of 2014 and by 2015 as domestic demand strengthen, though the moderate inflation in the first half of 2014 will restrain the year's average, and a benign global inflation outlook will help to offset domestic sources of inflationary pressures in the near term.