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Sunday, April 30, 2017
An estimated 5.9% growth in the non-hydrocarbons sector mitigated a 2.5% slump in hydrocarbons as Qatar posted a real (inflation-adjusted) economic growth of 1.7% year-on-year during the fourth quarter (Q4) of 2016, according to the Ministry of Development Planning and Statistics (MDPS). The country’s gross domestic product or GDP at constant prices (with base year as 2013) is estimated to be QR200.75 billion (US$55.18 billion), which however declined 2.1% compared to the third quarter (Q3) of 2016, according to the latest MDPS estimates. The hydrocarbons segment witnessed a 6.4% fall in real growth but the non-hydrocarbon sector grew 2.2% against Q3 2016, it said.Non-hydrocarbons accounted for 52% of the country’s real GDP during Q4 2016 against 50% in the previous year period. During Q4 2016, Qatar’s consumer price index inflation rose 2% year-on-year but was down 0.1% quarter-on-quarter. Within non-hydrocarbons, the construction sector’s real growth is estimated to be 17.3% year-on year and 2.8% compared to Q3 2016; financial and insurance by 7.4% and 10.7%; real estate by 6.9% and 4.1%; transport and storage by 4.2% and 0.5%; accommodation and catering service by 3.3% and 4.5%; and wholesale and retail trade by 3.2% and 6.5% respectively. The manufacturing sector showed a marginal real growth of 0.2% year-on-year but declined 2.9% quarterly. Similarly, the information and communications sector’s real growth was 2.1% on yearly basis but reported a 4.6% decline on quarterly basis. On a nominal basis (at current prices), Qatar’s GDP is estimated to have grown 2.1% and 4.1% year-on-year and quarter-on-quarter respectively. The hydrocarbons sector registered a 6.4% decline year-on-year but saw a 6% expansion quarter-on-quarter, while non-hydrocarbons’ growth was 6.5% and 3.3% respectively.“In Q4 2016, the low international price of crude oil and related goods has led to a year-on-year decline in nominal GVA (gross value added) of this sector, as it had happened in previous quarters of 2015 and 2016,” an MDPS spokesman said. The construction sector saw its nominal GVA expand 14% year-on-year and by a marginal 0.9% compared with Q3 2016, real estate by 8.8% and 4.5%, finance and insurance by 6.8% and 15.8% and wholesale and retail trade by 5.6% and 4.1%, MDPS found. The nominal GVA of transport and storage grew 4.3% during Q4 2016 on yearly basis but declined 2.5% on quarterly basis and information and communication saw 2.5% rise in nominal GVA year-on-year but fell 4.4% compared to Q3 2016. In the case of accommodation and catering services, the nominal GVA witnessed a 6.7% plunge in Q4 2016 year-on-year but on quarterly basis, it rose 4.9%. Similarly, the manufacturing saw a marginal 0.4% contraction against Q4 2015 but recorded 0.7% rise quarterly.On the expenditure front, household final consumption expenditure (HFCE) grew 8.1% year-on-year on account of rising population and price rise in consumer items in the country. The share of HFCE in the nominal GDP was estimated at 25.1% during Q4, 2016. The corresponding figures for Q4 2015 and Q3 2016 were 23.7% and 25.1% respectively. Government final consumption expenditure (GFCE) has been estimated to grown 7.1% year-on-year during Q4 2016. The share of GFCE in nominal GDP was 21.8%. The corresponding shares for Q4 2015 and Q2 2016 have been 20.8% and 22.7% respectively. The country’s gross capital formation (GCF) is estimated to have grown 11.8% year-on-year during Q4 2016. The share of GCF in nominal GDP was 44.9%. The corresponding shares for Q4 2015 and Q3 2016 have been at 41% and 46.2% respectively.
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