Qatar economy posts 4.8pc growth in Q2

Date

10/5/2015 8:33:09 AM

(MENAFN- The Peninsula)

BY SACHIN KUMAR

DOHA: Qatar’s quarterly gross domestic product (GDP) at constant prices rose 4.8 percent in the second quarter of 2015 helped by robust growth in construction financial services and hospitality sectors.

The GDP which is a measure of the size of an economy grew from QR187.63bn in second quarter of 2014 to QR196.64bn in the same quarter current year.

However compared to the previous quarter (Q1 of 2015) revised estimate of QR195.67bn the growth in this quarter is 0.5 percent the Ministry of Development Planning and Statistics said yesterday in a report on the preliminary estimates at current and constant prices for the second quarter of 2015.

The real Gross Value Added (GVA) of mining and quarrying (including oil and gas) sector in Q2 2015 stood at QR99.30bn showing a rise of 0.9 percent over the estimate of Q2 2014 (QR98.41bn). GVA is the measure of the value of goods and services produced in an area industry or sector of an economy.

The reduction in international price levels of crude oil in this quarter has led to muted growth in nominal GVA of this sector.

The real GVA of non-mining quarrying sectors in the second quarter of 2015 totalled QR97.33bn which shows a growth of 9.1 percent over the corresponding quarter GVA estimate of QR89.22bn.

The high growth in the Q2 2015 is the result of double digit rise seen mainly in construction trading hospitality and financial sectors.

The GVA of construction sector came at QR12.83bn in second quarter of 2015 showing a growth of 19.7 percent when compared to the GVA of corresponding quarter of 2014. Compared to the previous quarter (Q1 of 2015) there has been a drop of 1.4 percent in the GVA of this sector.

The GVA of trade hotel and restaurants sector is estimated at QR12.92bn in Q2 of 2015 registering a growth of 12.5 percent over the corresponding quarter of 2014. Compared to the previous quarter (Q1 of 2015) the GVA of this sector remains flat. The GVA of finance insurance real estate and business sector is estimated at QR26.84bn in Q2 of 2015 showing a growth of 10 percent when compared to the corresponding quarter (Q2) estimate of QR24.41bn in 2014. However the GVA level of this quarter has shown a marginal decline when compared to the revised estimate of previous quarter.

The GVA of manufacturing sector is estimated at QR19.66bn in Q2 2015 showing a growth of 3.8 percent over the estimate of corresponding quarter (Q2) of 2014. Compared to the previous quarter (Q1 of 2015) revised GVA of this sector there has been a growth of 3.3 percent. This growth is primarily explained by the increase seen in the production of fertilisers and petrochemical products during this quarter.

The GVA contribution of Government Services sector is estimated at QR19.16bn in Q2 of 2015 which is 6.3 percent higher than the estimate of Q2 of 2014.

The Peninsula

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.