In last eight old ages the economic system of Qatar has shown a singular growing, harmonizing to the study of World Economic Forum, among the Arab economic systems, Qatar stands foremost while globally it ranks 17th. State ‘s governments in the fiscal crisis sought to protect the local banking sector with direct investings into domestic Bankss. GDP bounced back in 2010 mostly due to the elevated oil monetary values and growing was besides supported by Qatar ‘s investing in spread outing its gas sector in 2011. Economy of Qatar chiefly concerns developing Qatar ‘s nonassociated natural gas militias and increasing investing of private and foreign in non-energy sector. Still Qatar ‘s more than 50 % GDP is from oil and gas and 85 % of export net incomes and 70 % of authorities gross are accounted by oil and gas. Due to oil and gas Qatar has highest per-capita income state – in front of Liechtenstein – and the state with the lowest unemployment. Country has 25 billion barrels of oil in modesty which is equal to 57 old ages ‘ end product at current degree. Qatar besides has proved militias of natural gas transcending 25 trillion three-dimensional metres which is equal to 13 % of the universe sum and 3rd largest in the universe.
Qatar ‘s economic system is chiefly based on crude oil which accounts more than 70 % of its authorities gross, more than 60 % of gross domestic merchandise and 85 % of export net incomes. Qatar promotes investing, invention, free trade, unfastened competition and entree to resources that will go on to convey long-run economic development to Qatar and much-needed energy to the universe ‘s turning economic systems.
Macro-economic tendency
Qatar is now the richest state in the Muslim universe. Current GDP per capita registered a universe record-breaking peak growing of 1,156 % in the Seventies. This became rapidly unsustainable and Qatar ‘s current GDP per capita contracted 53 % in the Eighties. But lifting planetary oil demand helped current GDP per capita to spread out 94 % in the Nineties. Diversification is still a long-run issue for this over-exposed economic system.
This is a tabular array of gross domestic merchandise of Qatar at market monetary values estimated by the International Monetary Fund with figures in 1000000s of Qatari Rials.
Year
Gross Domestic Product
US Dollar Exchange
Inflation Index
( 2000=100 )
Per Capita Income
( as % of USA )
1980
28,631
3.65 Qatari Yemeni rials
53
266.18
1985
22,829
3.63 Qatari Yemeni rials
64
104.82
1990
26,792
3.64 Qatari Yemeni rials
77
67.85
1995
29,622
3.63 Qatari Yemeni rials
85
55.75
2000
64,646
3.63 Qatari Yemeni rials
100
86.03
2005
137,783
3.64 Qatari Yemeni rials
115
127.05
For buying power para comparings, the US Dollar is exchanged at 5.82 Qatari Rials merely. Average rewards were $ 59.99 per manhour in 2009.
In February 2012, the International Bank of Qatar reported that GDP grew by 19.9 % in 2011, but estimated that 2012 growing would decelerate to 9.8 % .
Economic mentality of Qatar
Currency
Qatari riyal
Trade administrations
OPEC WTO
GDP
$ 181.7 billion ( 2011 est. )
GDP growing
18.7 % ( 2011 est. )
GDP per capita
$ 102,700 ( 2011 est. )
GDP by sector
Agriculture ( 0 % ) , Industry ( 79 % ) , Services ( 20.9 % ) ( 2011 est. )
Inflation
( CPI 2.8 % ( 2011 est. )
Labour force
1.32 million ( 2011 est. )
Unemployment
0.4 % ( 2011 est. )
Main industrie
Crude Oil Production and Refining, Ammonia, Fertilizers, Petrochemicals, Steel Reinforcing Bars, Cement, Commercial Ship Repair
Export goods
Liquefied Natural Gas, PetroleumProducts, Fertilizers, Steel
Main export spouses
Japan 30.3 % , South Korea 13.1 % , India8 % , Singapore 7.7 % , United Kingdom4.2 % ( 2010 )
Imports
$ 25.33 billion ( 2011 est. )
Import goods
Machinery and Transport Equipment, Food, Chemicals
Main import spouses
United States 15.5 % , Germany 9 % , United Arab Emirates 7.3 % , South Korea 6.5 % , United Kingdom 6.1 % , Japan 5.6 % , Saudi Arabia 5.4 % , Italy5.3 % , France 4.5 % , the People ‘s Republic of China 4.2 % ( 2010 )
Gross external debt
$ 82.05 billion ( 31 December 2011 est. )
Public debt
8.9 % of GDP ( 2011 est. )
Grosss
$ 112.79 billion ( 2011 est. )
Expenses
$ 37.88 billion ( 2011 est. )
Economic and Social Development
From the clip when H.H. the Emir Sheikh Hamad Bin Khalifa Al Thani has taken his place on 27th of June 1995, Qatar has entered into a new epoch of national work and scheme. From that clip, Qatar has made immense stairss towards building its economic and political construction. Aims and vision of this new epoch in Qatar ‘s modern history has focused on widening public engagement in national decision-making procedures and stressing the function played by the Qatari people in running their state ‘s personal businesss. This was realized through beef uping democracy, rule of autonomy, and election alternatively of assignment in many governmental organic structures and governments. For the first clip in Qatar, it went in front to admit and back up Qatari adult females right to be nominated and elected in municipal elections. Furthermore, this new epoch was designed with promoting involvement in Qatari youth through following academic and educational course of study that absolutely meet the community demands and fulfill the state demands for qualified human resources and supplying employments for Qatari fresh alumnuss. It has besides approved and implemented a new attack in be aftering the national economic system and exploiting and puting national natural resources. This attack was based on pulling new schemes and long term programs, promoting private sector, every bit good as accomplishing the optimum usage of national and expatriate expertness and cells, and making good economic clime to allure investings.
Standard Living of Qatar
In 2007, Qatar has gained records with unprecedented economic growing rate of above 14 % per annum. It is expected that this rate is traveling to head still upward in the following old ages. Besides authorities disbursement is increasing ; as the province budget has recorded a growing rate of 23.6 % in 2007-2008. In 2008, for case, the province budget has exceeded QAR 72,465.72 billion, compared to QAR 59,901.8 in 2007.
The province of Qatar is considered one of the highest living criterion on Earth, it has occupied the 33rd rank in 2009 Report of Human Development, issued by United Nations Development Programme ( UNDP ) . The study stated that Qatar has achieved a major accomplishment when it reached to the 33rd rank
The new ranking shows what Qatar has got in issues related to human development. The study added that human development index in the province has jumped from 0.875 to 0.910. This index reflects advancement and betterment achieved in countries related to wellness, instruction and GDP. In instruction sector, for illustration, the index indicates illiteracy rate traveling down to 6.9 % , while school admittance rate goes up to 80.4 % , compared to 77.7 % in 2008. Furthermore, in wellness sector, life anticipation rate increased from 75 old ages last twelvemonth to 75.5 this twelvemonth. The province of Qatar has realized a large hiking in income per capita which reached USD 74.882 in 2009.
Qatar National Vision 2030
By 2030, Qatar undertakings to be an advanced society capable of keeping its development and providing a high criterion of life for its full people. Qatar ‘s National Vision defines the long-run results for the state and provides a model within which national schemes and execution programs can be developed. The National Vision addresses 5 major challenges confronting Katar:
Modernization and saving of traditions
Needs of this coevals and the demands of future coevalss
Managed growing and uncontrolled enlargement
Size and the quality of the expatriate labour force and the selected way of development
Economic growing, societal development and environmental direction
The National Vision foresees development through four interrelated pillars:
Human Development: development of its full people to enable them to keep a advancement of society.
Social Development: development of a merely and caring society based on high moral criterions, and capable of playing a important function in planetary partnerships for development.
Economic Development: development of a competitory and diversified economic system capable of run intoing the demands of, and procuring a high criterion of life for, its full people both for the present and for the hereafter.
Environmental Development: direction of the environment such that there is harmoniousness between economic growing, societal development and environmental protection.
Qatar National Vision 2030 was approved by Emiri Decision ( 44 ) for the twelvemonth 2008.
