Non-hydrocarbon sector accounts for over 50% of Qatar's GDP

DUBAI: The non-hydrocarbon sector in Qatar continues to drive the country's economic growth, pushing its share of GDP to a record-high of 50.7 per cent in the third quarter of 2014 as against 49 per cent in the second quarter.

Real GDP growth in the country accelerated to 6 per cent in the third quarter from 5.7 per cent in the previous quarter, according to a report by the Ministry of Development Planning and Statistics.

Rapid growth in the non-hydrocarbon sector averaged 11.9 per cent in the first quarter of 2014 to the third quarter, even higher than the forecast of 11.2 per cent for the full year.

The growth of the non-hydrocarbon has spurred by large investments in major infrastructure projects and fast growing population.

On the other hand, the hydrocarbon sector declined to 2.8 per cent year-on-year as a result of lower crude oil production and temporary gas production shutdowns for maintenance.

The latest GDP figures confirm Qatar's ongoing rapid process of economic diversification away from its traditional role as a hydrocarbon exporter towards a manufacturing and services hub.

Major infrastructure projects, notably the new metro in Doha, major real estate projects such as Musheireb in the centre of old Doha and Lusail to the north, as well as new roads, highways and the further expansion of the new Hamad International Airport, resulted in a 18.5 per cent year-on-year expansion in construction activity.