Qatar was the fastest growing economy in the world during the period 2008 to 2013, with a compound annual gross domestic product (GDP) growth rate of 10.7%. This was largely based on the development of its large hydrocarbon resources, according to research from Qatar National Bank (QNB), the country’s largest lender. Since mid-2013, however, the country's economy has entered a new diversification phase, driven by large investments in the non-hydrocarbon sector in preparation for the FIFA World Cup 2022 and in line with Qatar’s 'National Vision 2030' to become a diversified knowledge-based economy.
As a result, the non-hydrocarbon sector grew by 11.5% in 2014, with double-digit growth in construction, services and transportation, according to QNB data. The bank expects this double-digit growth to continue in the non-hydrocarbon sector, at least until 2017, as the government ramps up its investment spending to the tune of about $200bn over the next five years. Ratings agency Fitch has reported that this growth reflects both the high levels of investment and a rapidly expanding population, which was up by 9.5% year on year in March 2015. According to Fitch, the country's real GDP growth reached 6.2% in 2014.
