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The Economy of Qatar

Qatari Economy

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Economy - overview: Qatar has experienced rapid economic growth over the last several years on the back of high oil prices, and in 2008 posted its eighth consecutive budget surplus. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar the second highest per-capita income country - following Liechtenstein - and one of the world's fastest growing. Proved oil reserves of 15 billion barrels should enable continued output at current levels for 37 years. Qatar's proved reserves of natural gas are nearly 26 trillion cubic meters, about 14% of the world total and third largest in the world. The drop in oil prices in late 2008 and the global financial crisis will reduce Qatar's budget surplus and may slow the pace of investment and development projects in 2009.

GDP:

GDP - real growth rate: 11.2% (2008 est.) 11.5% (2007 est.) 12.8% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 0.1% industry: 79.4% services: 20.5% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 1.124 million (2008 est.)

Labor force - by occupation:

Unemployment rate: 0.6% (2008 est.)

Budget: revenues: $40.36 billion expenditures: $28.08 billion (2008 est.)

Industries: crude oil production and refining, ammonia, fertilizers, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Industrial production growth rate: 12.6% (2008 est.)

Electricity - production: 14.41 billion kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 13.19 billion kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 1.125 million bbl/day (2007 est.)

Oil - consumption: 108,900 bbl/day (2006 est.)

Oil - exports: 1.026 million bbl/day (2005)

Oil - imports: 0 bbl/day (2005)

Oil - proved reserves: 15.21 billion bbl (1 January 2008 est.)

Natural gas - production: 59.8 billion cu m (2007 est.)

Natural gas - consumption: 20.5 billion cu m (2007 est.)

Natural gas - exports: 39.3 billion cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 25.63 trillion cu m (1 January 2008 est.)

Agriculture - products: fruits, vegetables; poultry, dairy products, beef; fish

Exports: $62.44 billion f.o.b. (2008 est.)

Exports - commodities: liquefied natural gas (LNG), petroleum products, fertilizers, steel

Exports - partners: Japan 39.9%, South Korea 19.9%, Singapore 9.9%, India 5.1%, Thailand 4.9%, UAE 4% (2007)

Imports: $24.96 billion f.o.b. (2008 est.)

Imports - commodities: machinery and transport equipment, food, chemicals

Imports - partners: US 13.3%, Italy 10.8%, Japan 8.9%, France 7.9%, Germany 7.3%, UK 5.7%, South Korea 5.6%, UAE 5.1%, Saudi Arabia 4.3% (2007)

Debt - external: $48.91 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Qatari rials (QAR) per US dollar - 3.64 (2008 est.), 3.64 (2007), 3.64 (2006), 3.64 (2005), 3.64 (2004)

Fiscal year: