(MENAFN- The Peninsula) By Satish Kanady | The Peninsula
Qatar's economy staged a sizzling turnaround in third quarter (Q3,2017) defying the nearly 7-month blockade imposed by the Arab quartet. The country's Q3 real GDP grew sharply by 5.5 percent, compared to the previous quarter. On year-on-year, the GDP showed a growth of 1.9 percent to QR 208.92bn, according to preliminary data released by the Ministry of Development Planning and Statistics (MDPS).
The nominal GDP, or GDP at current prices, accelerated by 7.4 percent to QR151.70bn on year-on-year. When compared to previous quarter (Q2, 2017), the third quarter nominal GDP rose 3.9 percent.
Saudi Arabia, the UAE, Bahrain and Egypt imposed an unjust blockade on Qatar on June 5, in a desperate effort to weaken country's economy. Qatar responded strategically, by developing new trade routes, supporting private sector and by injecting additional capital into banks. The numbers released by MDPS yesterday reaffirms that the blockade has failed to make any major negative impact on Qatari economy.
The mining and quarrying sector, which includes oil and gas, grew 0.2 percent from a year earlier and expanded 6.6 percent quarter-on-quarter in the third quarter. In nominal terms, the sector grew by 14.6 percent at an estimated QR50.17bn in Q3, 17 from a year earlier. Compared to the previous quarter (Q2, 17), the sector grew by 8.1 percent.
In real terms, the non-mining and quarrying sector showed a growth of 3.6 percent or a total value of QR106.14bn during the third quarter of 2017, compared to the corresponding quarter in 2016.
However, compared to Q2,17, the non-mining and quarrying activities rose by 4.5 percent.
A breakdown of the country's economic activities data in real GDP terms shows a strong performance by manufacturing; and wholesale and retail trade sectors in Q3, 17. While manufacturing segment grew by 10 percent on quarter-on-quarter, wholesale and retail trade segment rose by 10.9 percent, compared to the previous quarter.
At current prices, manufacturing sector was up 16.4 percent on quarter-on-quarter, while Wholesale and retail group's activities grew by10.5 percent, compared to the previous quarter. The real estate sector edged up 1.5 percent (at constant prices) in Q3, 2017 compared to the previous quarter and stood at 0.9 percent at current prices. Construction sector was up by 8.8 percent (constant) and 1.2 percent (current prices) from the previous quarter.
Information and Communication sector grew by 3.6 percent in terms of constant prices and 3.4 percent at current prices in Q3,17, compared to the previous quarter.
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