Qatar Economy - overview

Economy - overview: Qatar is in the midst of an economic boom supported by its expanding production of natural gas and oil. Economic policy is focused on development of Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors. Oil and gas account for more than 60% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar one of the world's faster growing and higher per-capita income countries - equal to the EU in 2007 per-capita income. Sustained high oil prices and increased natural gas exports in recent years have helped build Qatar's budget and trade surpluses and foreign reserves. Proved oil reserves of more than 15 billion barrels should ensure continued output at current levels for 22 years. Qatar's proved reserves of natural gas are roughly 25 trillion cubic meters, about 15% of the world total and third largest in the world. Qatar has permitted substantial foreign investment in the development of its gas fields during the last decade and became the world's top liquefied natural gas (LNG) exporter in 2007.

Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.

Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of May 16, 2008