Qatar Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic overview

Qatar’s oil and natural gas resources are the country’s main economic engine and government revenue source, driving Qatar’s high economic growth and per capita income levels, robust state spending on public entitlements, and booming construction spending, particularly as Qatar prepares to host the World Cup in 2022. Although the government has maintained high capital spending levels for ongoing infrastructure projects, low oil and natural gas prices in recent years have led the Qatari Government to tighten some spending to help stem its budget deficit.

Qatar’s reliance on oil and natural gas is likely to persist for the foreseeable future. Proved natural gas reserves exceed 25 trillion cubic meters - 13% of the world total and, among countries, third largest in the world. Proved oil reserves exceed 25 billion barrels, allowing production to continue at current levels for about 56 years. Despite the dominance of oil and natural gas, Qatar has made significant gains in strengthening non-oil sectors, such as manufacturing, construction, and financial services, leading non-oil GDP to steadily rise in recent years to just over half the total.

Following trade restriction imposed by Saudi Arabia, the UAE, Bahrain, and Egypt in 2017, Qatar established new trade routes with other countries to maintain access to imports.

Real GDP growth rate

1.6% (2017 est.)

2.1% (2016 est.)

3.7% (2015 est.)

country comparison to the world: 153

Inflation rate (consumer prices)

-0.6% (2019 est.)

0.2% (2018 est.)

0.3% (2017 est.)

country comparison to the world: 11

Credit ratings

Fitch rating: AA- (2017)

Moody's rating: Aa3 (2017)

Standard & Poors rating: AA- (2017)

Real GDP (purchasing power parity)

$255.01 billion (2019 est.)

$253.049 billion (2018 est.)

$249.963 billion (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 61

GDP (official exchange rate)

$191.29 billion (2018 est.)

Real GDP per capita

$90,044 (2019 est.)

$90,970 (2018 est.)

$91,739 (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 6

Gross national saving

45% of GDP (2019 est.)

49.7% of GDP (2018 est.)

46.6% of GDP (2017 est.)

country comparison to the world: 6

GDP - composition, by sector of origin

agriculture: 0.2% (2017 est.)

industry: 50.3% (2017 est.)

services: 49.5% (2017 est.)

GDP - composition, by end use

household consumption: 24.6% (2017 est.)

government consumption: 17% (2017 est.)

investment in fixed capital: 43.1% (2017 est.)

investment in inventories: 1.5% (2017 est.)

exports of goods and services: 51% (2017 est.)

imports of goods and services: -37.3% (2017 est.)

Ease of Doing Business Index scores

Overall score: 68.7 (2020)

Starting a Business score: 86.1 (2020)

Trading score: 71.5 (2020)

Enforcement score: 54.6 (2020)

Agricultural products

tomatoes, dates, camel milk, sheep milk, goat milk, pumpkins/gourds, mutton, poultry, milk, eggplants

Industries

liquefied natural gas, crude oil production and refining, ammonia, fertilizer, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Industrial production growth rate

3% (2017 est.)

country comparison to the world: 105

Labor force

1.953 million (2017 est.)

country comparison to the world: 122

Unemployment rate

8.9% (2017 est.)

11.1% (2016 est.)

country comparison to the world: 136

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

41.1 (2007)

country comparison to the world: 53

Household income or consumption by percentage share

lowest 10%: 1.3%

highest 10%: 35.9% (2007)

Budget

revenues: 44.1 billion (2017 est.)

expenditures: 53.82 billion (2017 est.)

Taxes and other revenues

26.4% (of GDP) (2017 est.)

country comparison to the world: 112

Budget surplus (+) or deficit (-)

-5.8% (of GDP) (2017 est.)

country comparison to the world: 179

Public debt

53.8% of GDP (2017 est.)

46.7% of GDP (2016 est.)

country comparison to the world: 88

Fiscal year

1 April - 31 March

Current account balance

$6.426 billion (2017 est.)

-$8.27 billion (2016 est.)

country comparison to the world: 29

Exports

$67.5 billion (2017 est.)

$57.25 billion (2016 est.)

country comparison to the world: 56

Exports - partners

Japan 17%, South Korea 16%, India 14%, China 13%, Singapore 7% (2019)

Exports - commodities

natural gas, crude petroleum, refined petroleum, ethylene polymers, fertilizers (2019)

Imports

$30.77 billion (2017 est.)

$31.93 billion (2016 est.)

country comparison to the world: 71

Imports - partners

United States 15%, France 13%, United Kingdom 9%, China 9%, Germany 5%, Italy 5% (2019)

Imports - commodities

aircraft, gas turbines, cars, jewelry, iron piping (2019)

Reserves of foreign exchange and gold

$15.01 billion (31 December 2017 est.)

$31.89 billion (31 December 2016 est.)

country comparison to the world: 68

Debt - external

$167.8 billion (31 December 2017 est.)

$157.9 billion (31 December 2016 est.)

country comparison to the world: 45

Exchange rates

Qatari rials (QAR) per US dollar -

3.641 (2020 est.)

3.641 (2019 est.)

3.641 (2018 est.)

3.64 (2014 est.)

3.64 (2013 est.)

NOTE: The information regarding Qatar on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Qatar 2021 information contained here. All suggestions for corrections of any errors about Qatar 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.