In addition, the railway system is being significantly expanded and could eventually form an integral part of a GCC-wide network linking all of the six member states. The airport, too, is expanding capacity to keep up with rising visitor numbers. The New Doha International Airport is one of the largest projects in Qatar today and will boast a capacity of 50m passengers upon completion in 2015. Finally, port infrastructure is seen as an integral part of Qatar’s economic development as it focuses on LNG and industrial exports. While the financial crisis may present challenges to infrastructure development, once all projects are completed Qatar will have one of the most advanced and modern transport infrastructures in the region. Petrochemicals and fertilizers supply make up a large portion of the industrial base, along with steel and other construction materials, through Qatar Steel and Qatar Primary Material Company .
This rate is 52 -tenths of one percent higher than the figure of -3.6% published in 2020. There is no explicit “GDP per capita” World estimate provided by the IMF. For this figure, the GDP world value has been divided by the global population acc to the IMF. Statista assumes no liability for the information given being complete or correct.
Population growth rate
Qatar’s energy consumption in 2016 was 34.00 billion kilowatt-hours , which is an average of 15,056 kWh per capita. Qatar is trying to improve its entrepreneurial environment and broaden its economic base. The country’s open trade regime and growing status as a regional financial hub have encouraged private-sector growth outside of the oil and gas industries.
- Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population.
- The paper implicitly adopts the “smaller” tax haven approach, i.e., disregarding larger countries which have either low taxes rates , or systems of taxation which permit them to be used to structure tax avoidance schemes .
- This involves looking at other potential exports and developing local talent.
- GDP at purchaser’s prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.
Between December 2006 and July 2008 the DSM Index rose about 117% before the global financial crisis wiped out most of these gains. In the first few months of 2009, the DSM lost about 40% of its value. In an effort to stave off further losses, the government announced in February 2009 that it would step in to buy up shares of troubled banks amounting to about 10% of the market’s capitalisation.
GDP Growth Rate in Qatar by prime ministers
For calculating 2019 data, the total GDP estimate by IMF has been divided by the total population estimate by United Nations Population Prospects. Another indicator of Qatar’s wealth is its significantly high gross domestic product and, subsequently, its gross domestic product per capita. It is estimated that in 2017, Qatar reported the seventh largest gross domestic product per capita in the world. This not only means economic strength, but also a high standard of living for its inhabitants.
The U.S. is the major equipment supplier for Qatar’s oil and gas industry, and U.S. companies are playing a major role in North Field gas development. 890- Qatar pursues a vigorous program of “Qatarization”, under which all joint venture industries and government departments strive to move Qatari nationals into positions of greater authority. Growing numbers of foreign-educated Qataris, including many educated in the U.S., are returning home to assume key positions formerly occupied by expatriates.
Click the charts or button below to see more charts showing the world economy of today and how it could look in 2030. The most important key figures provide you with a compact summary of the topic of “Qatar” and take you straight to the corresponding statistics. Explore the most complete set of 6.6 million time series covering more than 200 economies, 20 industries and 18 macroeconomic sectors. In the latest reports, Qatar GDP expanded 4.319 % YoY in Sep 2022. Qatar Airways is an airline owned by the Qatar government and was founded in 1993. The International Monetary Fund in its spring assessment 2019 said that Qatar has “successfully absorbed the shocks” of the blockade imposed in 2017 and the dropped oil prices from 2014 to 2016.
In three years population growth was from 0.84 million to 1.76 million persons. The country’s property rights score is above the world average; its judicial effectiveness score is below the world average; and its government integrity score is above the world average. More than a year ago, Saudi Arabia and some of its allies have launched an economic embargo against Qatar, because the country was purported to be supporting Iran and its terrorist activities. In this embargo, these Arab countries have closed land, sea, and air links against Qatar, hoping to deprive the rich tiny country.
Latest data on GDP From Services (QAR Million)
National GDP has been estimated by FocusEconomics to reach $217bn this year, $219bn in 2023, $228bn , $243bn and $259bn . Qatar’s GDP per capita may exceed $100,000 in 2026 as the national economy is expected to pick up steam in the years ahead, researcher FocusEconomics has said in an update. API GATEWAY Direct access to our data from your apps using any programing language. Referred to as “West Bank and Gaza” in the IMF and World Bank reports. Human development data from the United Nations Office of Drugs and Crime. Qatar’s data is highlighted in the table below, use the filter and sort order options to allow easy comparison with other countries.
Qatar Central Bank average market exchange rate is used for currency conversions. To use individual functions (e.g., mark statistics as favourites, set statistic alerts) please log in with your personal account. World Bank national accounts data, and OECD National Accounts data files. From 2007 to 2010 energy export of Qatar have increased from 930 TWh to 1,748 TWh.
Qatar has the world’s third largest proven natural gas reserve and is the second-largest exporter of natural gas. Qatar has a high economic dependency on the global oil and natural gas market with 51% of its nominal GDP coming from oil and gas exports in 2014. In 2015, Qatar was ranked as the 17th top producer of crude oil worldwide at an approximate 1.532 million bbl/day.
GDP From Utilities in Qatar by prime ministers
But other segments, such as Islamic insurance, or takaful, have not seen a similar downturn. Overall, challenges to further growth remain, including a lack of qatar gdp per capita qualified staff to meet the growing demand for sharia-compliant banking services. GDP per capita is gross domestic product divided by midyear population.
The country’s GDP per capita in 2026 will be $101,816, FocusEconomics estimated in its latest report. You can see GDP in other countries in GDP and see all the economic information about Qatar in Qatar’s economy. If we order the countries according to their GDP per capita, Qatar is very well positioned in terms of the standard of living of its population, coming 11th out of the 196 countries whose GDP we publish. Gross Domestic Product of Qatar grew 1.6% in 2021 compared to last year.
The gross domestic product measures of national income and output for a given country’s economy. The gross domestic product is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by inflation, by the total population. The gross domestic product per capita of Qatar was forecast to continuously increase between 2022 and 2027 by in total 19,019.2 U.S. dollars (+22.95 percent).
Due to varying update cycles, statistics can display more up-to-date data than referenced in the text. Qatar is a sovereign Arab nation in Southwest Asia, sharing a direct border only with Saudi Arabia. This single border has been problematic since May of 2017, when Saudi Arabia began a blockage against Qatar. Today, the absolute head of state in Qatar is Tamin bin Hamad Al Thani. According to the country’s constitution, Sharia law is the main source of Qatari legislation. Includes 206 key indicators for Qatar, curated by CEIC analysts.
But in relative terms, the sector has fared better than most and IQ still managed to post an annual profit of $2bn. Large profit chunks from years past have been channeled into capital investments, which should help the sector ride out the storm. IQ, for example, is pushing several major expansion projects, worth almost $6bn, ahead. Qatar is expected to be one of the fastest growing economies in 2009 – the hope is it will be enough to keep the industrial sector on an upward trajectory. Three-year government spending and budget balance averages are, respectively, 32.2 percent and 3.5 percent of GDP.
In addition to financial support, the government has also worked to ease business regulations in a bid to increase private sector activity. A major aspect of expansion plans is the Hamad International Airport, which has the capacity to handle up to 24m passengers. The Qatari banking sector managed to escape the direct impact of the global subprime fallout, but was not altogether unscathed by its aftershocks. Overall, it was the best performing of the Gulf Cooperation Council markets in the last quarter of 2008 and most banks posted substantial profits for 2008. But the sector is also facing issues of liquidity, declining customer confidence and a forced reluctance to lend. Harnessing solar power has become an important objective for Qatar in recent years.
The QIA is responsible for investing, managing, and growing the reserves of the country, allowing it to flourish as an economy. It also aims to create various kinds of opportunities other than oil, to promote economic growth. This involves looking at other potential exports and developing local talent.
Fisheries is a minor sector in Qatar, and production is almost exclusively for domestic consumption. Qatar Foundation has been active in helping Qatar achieve its solar power goals. It established Qatar Solar, which, together with Qatar Development Bank and German company SolarWorld, embarked on a joint venture resulting in the creation of Qatar Solar Technologies .
With the economy recovering in the 1990s, expatriate populations, particularly from Egypt and South Asia, have grown again. Before the emergence of petrol-based industry, Qatar was a poor pearl diving country. In 1973, oil production and revenues increased dramatically, moving Qatar out of the ranks of the world’s poorest countries and providing it with one of the highest per capita incomes in the world. Petroleum and natural gas are the cornerstones of Qatar’s economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings.
The high value of exports has, of course, increased the positive trade balance over the past decade. Since the Global Financial Crisis, the trade surplus increased by more than 50 billion U.S. dollars but has been decreasing again due to the drop in commodities prices in 2015. Due to political tensions caused by the Saudi blockade, Qatar has withdrawn from OPEC, the political and economic effects of which remain to be seen. The government considers industry to be an integral part of its plan to diversify the economy and maximize its huge natural gas reserves, which serve as the primary feed stock for the sector.