(MENAFN) Qatar's inflation-adjusted (real) economy is expected to grow 6 percent annually in the third quarter of this year, mainly powered by the non-hydrocarbon segment, particularly construction and trade, Gulf Times reported.
The hydrocarbon sector, however, witnessed 3 percent decrease annually in quarter three, the Ministry of Development Planning and Statistics said, releasing the preliminary estimates of gross domestic product (GDP) at current and constant prices for quarter three, 2014.
The sector declines by 4.3 percent annually in nominal growth on receding crude oil production and some maintenance shutdowns in gas plants, the ministry said. The decline in international price levels of crude oil and gases in this quarter also led to a sharper decline in nominal gross value addition of this sector, the ministry added.
The ministry, in its recent Qatar Economic Outlook 2014-2016 Update, had forecast the real economic growth to be 6.3 percent for the whole of 2014. While flat gas production and receding oil output are seen checking overall expansion in 2014, the commissioning of production from the Barzan project in 2015 is set to support higher economic in 2015-2016, it said.
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