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Thursday, 22 April 2021 05:21 GMT

Strong growth in non-oil sector supports Qatar economy: PSA


(MENAFN - Gulf Times) A strong quarter-on-quarter growth in the non-oil sector particularly hospitality and catering, transport, trade, manufacturing and finance to a great extend helped Qatar overcome the weaker hydrocarbons, thus helping in substantially limit the fall in the overall real economic growth during the fourth quarter (Q4) of 2020, according to the official data.
A 1.9% inflation-adjusted growth in non-hydrocarbons led the country's GDP or gross domestic product at constant prices (base year 2013) reach QR163bn amidst a 4.3% decline in mining and quarrying sector in the review period, said the figures released by the Planning and Statistics Authority (PSA).
The overall GDP had shrunk mere 0.5% in Q4 against third quarter in 2020.
On a yearly basis, the country's real GDP fell 3.9% in Q4 2020 with the mining and non-mining sectors declining 3.3% and 4.2% respectively.
The International Monetary Fund (IMF) has estimated that Qatar's real growth in 2020 would be subdued but will rebound in 2021.
Qatar's expected 5% growth this year is in contrast to an estimated 4.3% fall in 2020 on account of Covid-19, the IMF said, and the country's forecasted real economic growth in 2021 will be better than the 4.7% averaged for the Middle East, North Africa and Pakistan region.
The purchasing managers' index data of the Qatar Financial Centre had broadly indicated the sustained rebound of Qatar's non-hydrocarbon private sector.
Within non-hydrocarbons, on a quarterly basis, the accommodation and food services segment saw a robust 17.6% expansion, transport and storage (12.9%), the wholesale and retail trade (7.7%), manufacturing (5.6%), finance and insurance (4.3%) and construction (1.8%).
However, there was a 23.7% fall in the utilities, 6.7% in information and communication and 1.9% in real estate.
On yearly basis, the finance and insurance sector witnessed a 6.9% growth, information and communication (3.7%) and the wholesale and retail trade (0.1%); even as there was 32.8% decline in transport and storage, 8% in accommodation and food services, 4.8% in construction, 2.6% in utilities, 2.4% in manufacturing and 0.7% in the real estate.
On a nominal basis (at current prices), Qatar's GDP is estimated to have shot up 7.4% quarter-on-quarter but plummeted 14.4% year-on-year at the end of Q4 2020.
The hydrocarbons saw a 15.7% surge on a quarterly basis while it fell 28.9% on yearly basis and in the case of non-hydrocarbons, the sector saw a 4.4% jump quarter-on-quarter, while it declined 6.8% on a yearly basis in the review period.
There was a robust 11.7% quarterly expansion in the transport and storage, 11.1% in accommodation and food services, 11% in manufacturing, 8.8% in construction, 7.1% in wholesale and retail trade and 6.4% in finance and insurance; while the utilities sector saw 13.8% shrinkage, information and communication (6.4%) and realty (3.3%).
On a yearly basis, the transport and storage sector retarded 24.6%, manufacturing (17.4%), accommodation and food service (6.8%), real estate (6.4%), wholesale and retail trade (4.8%) and construction (2.7%); while information and communication grew 4%, utilities (2.5%), and finance and insurance (2.3%).
The import duties, on real terms, are estimated to have risen 14.1% quarter-on-quarter but declined 17.7% year-on-year at the end of Q4 2020. On nominal terms, they reported 13.4% jump and 21.7% decline in the review period.    

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