Qatar's GDP falls sharply in Q2 

(MENAFN) A report issued by the Qatar Statistical Authority showed that the country's economy shrank 29.7 percent year-on-year in the second quarter of this year mainly on falling hydrocarbon prices, QNA reported.

Qatar's nominal gross domestic product (GDP), a measure of the value created by the productive activity of resident institutional units, fell by 4.3 percent in the second quarter compared to the previous quarter of this year as liquefied natural gas (LNG) prices were down 31 percent, even as oil prices gained 36 percent during the review period.

Although the country's oil sector witnessed 36.1 percent growth in the second quarter compared to first quarter of this year; it had reported 50.6 percent contraction against the second quarter of 2008.

The country's manufacturing sector declined 4.7 percent quarter on quarter in the second quarter due largely to the effects of the 2008 financial crisis and reported 38.2 percent dip year-on-year, the report said.