PHOTO
05 July 2015
DOHA: Qatar's real gross domestic product (GDP) growth in the first quarter of this year (Q1, 2015) accelerated by 4.1 percent compared to the estimate of Q1 of 2014. However, compared to the previous quarter (Q4, 2014) the growth in this quarter is 3.4 percent, according to a preliminary estimate by Ministry of Development Planning and Statistics (MDPS).
The real GDP in the Q1, 2015 touched QR199.21bn compared to QR191.31bn recorded in Q1, 2014.
The country's nominal GDP or GDP at current prices is estimated at QR173.03bn for the Q1, 2015. This reflects a decrease of 14.0 percent compared to the estimate of Q1, 2014 placed at QR201.15bn. When compared to QR183.56bn estimated for the previous quarter (Q4, 2014), Qatar's nominal GDP recorded a decrease of 5.7 percent on quarter-on-quarter basis.
In real gross value added (GVA) terms, the mining and quarrying sector witnessed a decline of 0.1 percent in Q1, 2015 compared to the estimate of Q1, 2014. However, compared to the previous quarter (Q4, 2014), the sector grew by 4.2 percent in this quarter.
The reduction in international price levels of crude oil in this quarter has led to sharper decline in nominal GVA of mining and quarrying sector. In Q1, 2015, the nominal GVA estimate of this sector showed a decline of 31.5 percent over the estimate of Q1, 2014. On quarter-on-quarter basis the sector fell by 12.5 percent.
The growth of Non-Mining and Quarrying sector accelerated 8.9 percent in real terms in Q1, 2015 on year-on-year basis. The high growth in the first quarter of 2015 is the result of double digit rise seen mainly in construction, trading, hospitality and financial sectors, coupled with over 10 percent jump in the country's population in this quarter.
The nominal GVA estimate of Non-Mining and Quarrying sector in Q1, 2015 touched QR97.79bn, an increase of 7.1 percent over the estimate of Q1, 2014.
The nominal GVA of manufacturing sector in Q1 of 2015 is estimated at QR16.95bn, a drop of 8.9 percent over the estimate of corresponding quarter of 2014. The sector's growth declined by 11.4 percent on quarter-on-quarter basis.
The real GVA of this sector is estimated at QR20.05bn in Q1, 2015 showing a growth of 9.0 percent over the estimate of corresponding quarter of 2014. However, compared to the previous quarter (Q4 of 2014) GVA of this sector recorded 2.1 percent growth rate.
This growth is primarily explained by the refinery and petrochemical activities in this quarter. The sharp drop in the nominal terms is due to failing international prices.
The nominal GVA the construction sector has been estimated at QR13.55bn in Q1, 2015, an increase of 15.2 percent on YoY.
This double digit increase is primarily due to rising production volume seen in this quarter. The sector grew by 12.0 percent on Q-o-Q basis.
The real GVA of the construction sector grew at a rate of 11.4 percent and 11.9 percent on year-on-year and Q-o-Q basis, respectively. Major public investments in this sector continue to impact the growth in this sector.
The Trade, Hotel and Restaurants sector group grew by 11.5 percent on nominal terms in this quarter on year on year. In real terms the sector recorded a growth rate of 9.3 percent Y-o-Y.
The Finance, Insurance, Real estate and Business Services sector showed a growth of 11 percent on Y-o-Y in nominal terms, primarily due to rise in banking and real estae sectors. The real GVA of this group of economic activities is estimated at QR27.34bn, a 9.8 percent Y-o-Y growth.
DOHA: Qatar's real gross domestic product (GDP) growth in the first quarter of this year (Q1, 2015) accelerated by 4.1 percent compared to the estimate of Q1 of 2014. However, compared to the previous quarter (Q4, 2014) the growth in this quarter is 3.4 percent, according to a preliminary estimate by Ministry of Development Planning and Statistics (MDPS).
The real GDP in the Q1, 2015 touched QR199.21bn compared to QR191.31bn recorded in Q1, 2014.
The country's nominal GDP or GDP at current prices is estimated at QR173.03bn for the Q1, 2015. This reflects a decrease of 14.0 percent compared to the estimate of Q1, 2014 placed at QR201.15bn. When compared to QR183.56bn estimated for the previous quarter (Q4, 2014), Qatar's nominal GDP recorded a decrease of 5.7 percent on quarter-on-quarter basis.
In real gross value added (GVA) terms, the mining and quarrying sector witnessed a decline of 0.1 percent in Q1, 2015 compared to the estimate of Q1, 2014. However, compared to the previous quarter (Q4, 2014), the sector grew by 4.2 percent in this quarter.
The reduction in international price levels of crude oil in this quarter has led to sharper decline in nominal GVA of mining and quarrying sector. In Q1, 2015, the nominal GVA estimate of this sector showed a decline of 31.5 percent over the estimate of Q1, 2014. On quarter-on-quarter basis the sector fell by 12.5 percent.
The growth of Non-Mining and Quarrying sector accelerated 8.9 percent in real terms in Q1, 2015 on year-on-year basis. The high growth in the first quarter of 2015 is the result of double digit rise seen mainly in construction, trading, hospitality and financial sectors, coupled with over 10 percent jump in the country's population in this quarter.
The nominal GVA estimate of Non-Mining and Quarrying sector in Q1, 2015 touched QR97.79bn, an increase of 7.1 percent over the estimate of Q1, 2014.
The nominal GVA of manufacturing sector in Q1 of 2015 is estimated at QR16.95bn, a drop of 8.9 percent over the estimate of corresponding quarter of 2014. The sector's growth declined by 11.4 percent on quarter-on-quarter basis.
The real GVA of this sector is estimated at QR20.05bn in Q1, 2015 showing a growth of 9.0 percent over the estimate of corresponding quarter of 2014. However, compared to the previous quarter (Q4 of 2014) GVA of this sector recorded 2.1 percent growth rate.
This growth is primarily explained by the refinery and petrochemical activities in this quarter. The sharp drop in the nominal terms is due to failing international prices.
The nominal GVA the construction sector has been estimated at QR13.55bn in Q1, 2015, an increase of 15.2 percent on YoY.
This double digit increase is primarily due to rising production volume seen in this quarter. The sector grew by 12.0 percent on Q-o-Q basis.
The real GVA of the construction sector grew at a rate of 11.4 percent and 11.9 percent on year-on-year and Q-o-Q basis, respectively. Major public investments in this sector continue to impact the growth in this sector.
The Trade, Hotel and Restaurants sector group grew by 11.5 percent on nominal terms in this quarter on year on year. In real terms the sector recorded a growth rate of 9.3 percent Y-o-Y.
The Finance, Insurance, Real estate and Business Services sector showed a growth of 11 percent on Y-o-Y in nominal terms, primarily due to rise in banking and real estae sectors. The real GVA of this group of economic activities is estimated at QR27.34bn, a 9.8 percent Y-o-Y growth.
© The Peninsula 2015
