Qatar’s gross domestic product (GDP) is expected grow by six to 17 per cent by 2017, to range between $224 billion and $248bn, a senior official says.
Qatar’s GDP grew by 19 per cent every year between 2005 and 2014 and is considered one of the fastest-growing economies in the world, according to Yousuf Mohammed Al-Jaida, deputy chief executive officer at the Qatar Financial Centre Authority.
Al-Jaida notes that the Gulf nation holds the world’s third-largest natural gas reserves after Russia and Iran, with an estimated 872 trillion cubic feet, equivalent to about 188bn barrels of oil.
He says such massive reserves can last for 156 years at current production levels, adding that Qatar remains one of the world’s highest countries in GDP per capita.
Moreover, the country’s hydrocarbon wealth generated an average income of $400,000 per capita in 2013, the highest in the GCC region, Al-Jaida adds in a report carried by Qatar News Agency (QNA).
He points out that his country’s exports totalled $136bn in 2014, while trade surplus surged to $110bn in 2013.
Al-Jaida says Qatar used financial surpluses to further support the overall economic development, to attract foreign investments and improve the business environment.