Qatar Economy Profile 2008

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.

GDP (purchasing power parity)

$57.69 billion (2007)

GDP (official exchange rate)

$65.81 billion (2007 est.)

GDP - real growth rate

7.8% (2007 est.)

GDP - per capita (PPP)

$75,900 (2007 est.)

GDP - composition by sector

agriculture: 0.1%
industry: 73.5%
services: 26.4% (2007 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

13.7% (2007)

Investment (gross fixed)

43.5% of GDP (2007 est.)

Labor force

638,000 (2007 est.)

Unemployment rate

0.7% (2007 est.)

Budget

revenues: $23.5 billion
expenditures: $19.61 billion (2007 est.)

Public debt

23.2% of GDP (2007 est.)

Industries

crude oil production and refining, ammonia, fertilizers, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Industrial production growth rate

8% (2007 est.)

Electricity - production

13.54 billion kWh (2005)

Electricity - consumption

12.52 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

1.111 million bbl/day (2005 est.)

Oil - consumption

95,000 bbl/day (2005 est.)

Oil - imports

0 bbl/day (2004)

Oil - exports

960,600 bbl/day (2004)

Oil - proved reserves

15.21 billion bbl (1 January 2006 est.)

Natural gas - production

43.93 billion cu m (2005 est.)

Natural gas - consumption

17.93 billion cu m (2005 est.)

Natural gas - exports

25.99 billion cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

25.79 trillion cu m (1 January 2007 est.)

Current Account Balance

$7.733 billion (2007 est.)

Agriculture - products

fruits, vegetables; poultry, dairy products, beef; fish

Exports

$33.28 billion f.o.b. (2007 est.)

Exports - commodities

liquefied natural gas (LNG), petroleum products, fertilizers, steel

Exports - partners

Japan 40.2%, South Korea 16.4%, Singapore 6.5%, Thailand 4.1% (2006)

Imports

$15.32 billion f.o.b. (2007 est.)

Imports - commodities

machinery and transport equipment, food, chemicals

Imports - partners

France 13.3%, Japan 10.2%, US 9.3%, Italy 8.9%, Germany 7.9%, UK 6.2%, Saudi Arabia 5.7%, South Korea 4.7% (2006)

Reserves of foreign exchange and gold

$6.368 billion (31 December 2007 est.)

Debt - external

$31.07 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$10.63 billion (2006 est.)

Stock of direct foreign investment - abroad

$2.525 billion (2006 est.)

Market value of publicly traded shares

$61.56 billion (2006)

Economic aid - recipient

$2.18 million (2004)

Currency (code)

Qatari rial (QAR)

Exchange rates

Qatari rials per US dollar - 3.64 (2007), 3.64 (2006), 3.64 (2005), 3.64 (2004), 3.64 (2003)

Fiscal year

1 April - 31 March