Qatar

qatarCapital City: Doha
Population (Millions): 2

ECONOMIC OVERVIEW

GDP Per Capita: US$ 145300
GDP per Sector:
Agriculture – 0.1 %
Industry – 78.8 %
Services – 21.1%
Currency: QAR
Ex.Rates: 3.64
Big Cities (>100,000): Doha
Urban Population: 96%
Languages: Arabic, English

Background:In 2010, Qatar was the fastest growing economy in the world – ahead of Singapore and Turkmenistan, with a real GDP growth rate of 19.40 percent. Since 2008, Qatar has been consistently ranked among the top three fastest growing economies in the world. Analysts believe Qatar will continue its double-digit growth trend for the next few years on the back of rising oil and natural gas prices.

Qatar’s oil and natural gas industries account for 50 percent of GDP, 85 percent of export earnings and 70 percent of the government’s revenue.

According to 2010 statistics, Qatar produced 76.98 billion cubic metres of natural gas and an average of 1.213 million barrels of oil per day.

Prior to Qatar’s discovery of oil in 1940, the country’s economy was primarily focused on fishing and pearl diving. During World War II oil exploration in Qatar was temporarily discontinued. Then in 1949 oil exportation started again and its discovery in Qatar transformed it’s dormant society and economy into a thriving marketplace.

Despite a period of rapid growth between the ’50s and ’70s, Qatar’s reliance on oil meant it’s economy faced a downturn during the 1980s to mid-1990s due to falling oil prices and reduced oil earnings. Qatar’s economy eventually recovered during the late 1990s, and has since boomed.