DOHA: Qatar’s economic diversification effort seems to be bearing fruit as official data released for the second quarter of this year show strong expansion of non-energy sectors like manufacturing, construction and financial services.
Economic growth from a year earlier in inflation-adjusted terms was estimated at five percent during the second quarter (Q2) of this year, figures released by the Qatar Statistics Authority (QSA) show.
Nominal gross domestic product (GDP), or GDP at current prices, was estimated at QR173.36bn ($47.5bn) during Q2 of 2012, rising 11.9 percent over Q2 of last year.
A highlight has been that sectors such as manufacturing, construction, transport and government services have given a double-digit push to the nominal GDP, the QSA said.
The QSA yesterday released preliminary estimates of GDP at current as well as at constant prices for Q2 of this year. The estimates have been made by using the data collected through the Quarterly Economic Indicator Survey and from other agencies.
While the oil and gas sector shows an increase of 8.2 percent in Q2 of 2012, manufacturing, construction, transport, and government services have given a double digit push to the nominal GDP.
The estimates of Gross Value Added (GVA) in the mining and quarrying sector for Q2 were QR96.81bn which shows an increase of 8.2 percent over the estimates of Q2, 2011 (QR89.49bn).
However, when compared with the estimates of Q1, 2012, it shows a drop of 6.4%, primarily due the fall in international prices of crude oil and other associated products.
The GVA in non-mining and quarrying sectors in Q2, 2012 has been estimated at QR76.55bn which shows an increase of 16.9% over the estimates of Q2, 2011 (QR65.46bn). The GVA of the manufacturing sector is estimated at QR19.40bn in Q2 of 2012 showing an increase of 14.6 percent over Q2 of 2011 (QR16.93bn).
Compared to the previous quarter (Q1 of 2012), there has been an increase of 5.4 percent in the GVA of this sector. The positive growth rate in this sector has resulted from the reported almost capacity production by aluminium and gas to liquids (GTL) producers.
The GVA of the construction sector at QR7.14bn in Q2 of 2012 shows a rise of 17 percent when compared to Q2) of 2011 estimates of QR6.10bn.
The surge in this sector has been consolidated further showing an increase of 9.6 percent in Q1, 2012. The GVA of the ‘Trade, Hotel and Restaurants’ sector is estimated at QR10.03bn in Q2 of 2012 registering an increase of 10.6 percent over the corresponding quarter of 2011 (QR9.07bn).
Compared to the previous quarter (Q1 of 2012), there has been an increase of 9.4 percent in the GVA estimate of this sector. The “Transport and Communication” sector generated a value added of QR6.28bn in Q2, 2012 against QR5.42bn in Q2, 2011 showing a rise of 16 percent.
Compared to the previous quarter, Q1 of 2012, an increase of 14.2 percent has been noticed in this group. For “Finance, Insurance, Real Estate & Business Services”, the GVA is estimated at QR17.85bn, showing an increase of 6.2 percent over Q2, 2011 estimates of QR16.80bn.
Compared to the previous quarter, Q1 of 2012, an increase of 6.5 percent has been recorded in this group. The contribution of the “Government Services” which includes the provision of public health, education and other miscellaneous services is estimated at QR14.81bn, up 39 percent over Q2, 2011 estimates (QR10.66bn).
The quarterly GDP in Q2 of 2012 at constant prices is estimated at QR84.88bn, up five percent over the revised estimates of Q2 of 2011 (QR80.85bn).
However, compared to the previous quarter [Q1 of 2012] estimates of QR82.84bn, there has been an increase of 2.5 percent.
The Peninsula
