DOHA: Qatar register an healthy about 2% year-on-year real growth in the fourth quarter (Q4) of 2017, according to the official figures.
The country’s gross domestic product, or GDP, at constant prices (base year 2013) fell 2.3% compared to the third quarter of 2017 despite stronger non-hydrocarbons; said the figures released by the Ministry of Development Planning and Statistics (MDPS).
Qatar’s year-on-year growth trajectory during Q4 indicates the inherent buoyancy in the economy in spite of the blockade imposed by the siege countries.
A self-imposed moratorium on new projects in the North Oil Field until the second quarter of 2017 and the oil producing and exporting countries’ deal had restrained the growth of hydrocarbon output, resulting in an estimated overall real GDP growth of 2.1% in 2017, the International Monetary Fund had recently said after its recent Article IV consultation with Qatar.
On a quarterly basis, mining and quarrying sector is estimated to have decelerated 6.4%; whereas non-hydrocarbons rose 1.6% during Q4, 2017, MDPS said.
Within non-hydrocarbons, the construction sector’s real growth year-on-year is estimated to be 14.2%, manufacturing (6.2%), finance and insurance (5.9%), real estate (3.9%) and transport and storage (0.8%); while that of wholesale and retail trade shrank 3.6%, information and communication 2.9%, utilities 1.9% and accommodation and catering 1.7%.
On a quarterly basis, the finance and insurance sector is estimated to have grown 6.4%, wholesale and retail trade (6.2%), transport and storage (4.4%), accommodation and catering (3.9%); whereas utilities’ growth plummeted 22.1%, manufacturing 2.7% and information and communication 1.1%.
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