QATAR'S economy is expected to continue its growth momentum in the current year, despite challenges created by the COVID-19 pandemic.
Several global organisations expect Qatar’s economy to grow by more than 2 percent in 2021 according the latest Qatar Economic Outlook Report 2021-2023.
The consensus forecasts by a number of interna-tional institutions, organizations, and banks showed that the Qatari economy will undergo recovery during 2021 and 2022, with a predicted average growth rate of about 2.8 percent and 3.7 percent, respectively.
The optimism by global organisations about Qatar demonstrates the strength and resilience of local economy.
The growth registered by the economy in the last year is result of many proactive measures taken by the concerned authorities.
Qatar’s economy has performed well even during the last year, when pandemic affected the economic activities.
Purchasing Managers’ Index (PMI) survey data from Qatar Financial Centre (QFC) continued to signal rapid growth in the non-energy private sector in December.
The rates of expansion in total activity, new work and outstanding business all eased slightly compared with November’s records, but were still among the fastest registered throughout the near five-year history of the survey. The PMI remained well into expansionary territory at 61.4. This was slightly lower than November’s record high of 63.1, ending an unprecedented run of six month-on-month increases.
But the latest figure was still the third-highest since the survey began in April 2017.
According to latest figures released by Planning and Statistics Authority, Qatar’s quarterly Gross Domestic Product (GDP) at current prices has risen by 40.6 percent to QR176.23bn in the third quarter (Q3) of 2021 compared to QR125.33bn during the Q3 of 2020, according to the preliminary estimates of GDP released yesterday.
When compared to previous quarter (Q2) of 2021 revised estimate of QR156.29bn, an increase of 12.8 percent is recorded.
The quarterly GDP at constant prices shows an increase of 2.6 percent in Q3 of 2021 (QR168.13bn) com-pared to the estimate of Q3 of 2020 (QR163.9bn).
When compared to Q2 of 2021 revised estimate (QR161.71bn), an increase of 4 percent is also recorded.
In the Mining and Quarrying Activities, the nominal gross value added estimate of Mining and Quarrying activities is estimated at QR67.98bn in Q3 2021, which shows an increase of 101.9 percent over the estimate of Q3 2020 placed at QR 33.67bn
