Qatar’s successful economic diversification program has become clearly visible in recent years. The program includes the development of the Qatargas and RasGas projects to produce and export natural gas in the form of liquefied natural gas (LNG), piped gas, gas-to-liquids (GTL) and investments in the petrochemicals and fertiliser industries. As a result, Qatar’s GDP growth remains strong, averaging 14.7% over the past five years. According to preliminary figures published by the Planning Council, Qatar’s nominal GDP grew by an estimated 8.8% in 2003 to reach QR70.8bn ($19.4bn), compared to QR65.1bn in 2002 (see table 1). In 2003, the oil and gas sector recorded a 12.9% growth, while the non-oil sector grew by an estimated 3.2%.
Qatar National Bank (QNB) is of the opinion that when the Planning Council releases revised 2003 figures, it will show a higher overall growth of about 10.5%. For 2004, QNB forecasts a nominal GDP growth of 7.5%, as oil prices are likely to remain high and LNG exports continue to grow.
