Qatar non-hydrocarbon economy on the rise
Doha, December 8, 2013
Qatar’s non-hydrocarbon sector could worth more than half of the country's GDP by 2015, said top economists leading up to a major financial conference in Doha next week.
In 2012, Qatar's GDP was $192 billion, with the hydrocarbon (oil and gas) sector accounting for 58 per cent, according to a recent report from QNB Group, a major banking institution in Mena.
Driven by infrastructure megaprojects for FIFA World Cup 2022, Qatar's non-hydrocarbon sector is slated to grow from 42 per cent in 2012 to more than 50 per cent by 2015, per QNB Group.
Qatar's real GDP is expected to grow by 6.5 per cent in 2013 and 6.8 per cent in 2014, with Qatar adding 240,000 jobs by 2014.
Joannes Mongardini, head of Economics, QNB Group, said: “The Qatar economy is booming and entering a new phase of economic growth predicated on diversifying its economy away from the traditional gas and oil sector, the so-called hydrocarbon sector. Large investments in construction, transport, real estate and petrochemical sectors will result in double-digit growth of the non-hydrocarbon sector over the next few years.”
The Economics Team at QNB Group has an in-depth understanding of Qatar’s financial landscape, and will be heavily represented at the Euromoney Qatar Conference, held on December 10 and 11 at The Ritz-Carlton in Doha.
QNB Group is the country’s first Qatari-owned commercial bank, and the “World’s Strongest Bank,” according to Bloomberg Markets.
QNB Group’s positive outlook on Qatar’s financial future is shared by many international firms attending the Euromoney Qatar Conference, where they will influence the new generation of key financial players from the GCC and beyond.
Euromoney Qatar Conference delegates will be able to gain further insights into how Qatar’s evolving governmental structure and new regulations affect the economy, and for predictions on the path of the country's financial future.
Qatar is one of the most talked-about countries in the financial sector, as the country was recently named the Middle East's most competitive by the World Economic Forum, and Qatar will be upgraded from “frontier market” to “emerging market” status by the MSCI in May 2014.
Mongardini added: “While the government clearly has a key role to play in infrastructure development, other sectors are mostly going to benefit from private sector investments. We would also expect small- and medium-sized enterprises – such as hotels, medical services, retail, and restaurants – to flourish in order to cater to the growing population.” – TradeArabia News Service