Qatar’s non-oil GDP to hit $80 billion in 2016
Economists estimate Qatar’s non-oil GDP in 2016 at roughly $80 billion, compared with $66bn in 2014, reports Qatar-based Al Sharq.
Based on forecasts and figures issued by the International Monetary Fund, recent economic statistics about the Middle East expect Qatar’s non-oil real GDP to grow by 9.5 per cent over the next year, an indicator that non-oil sectors in the state are becoming increasingly important drivers of economic growth.
In 2009, the contribution of the non-oil sector in Qatar’s GDP reached approximately 34 per cent – equivalent to $33bn – but, in 2014, its contribution almost doubled, reaching nearly $66bn.
The development of non-oil sectors and the private sector is an important component in Qatar’s economic development strategy, after the Qatari economy began a new phase of economic diversification.
Experts believe that the partnership between the public and private sectors will enhance the contribution of the non-oil sector in the composition of the GDP.
(US$1 = AED3.67, at the time of publishing)