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The Qatar Economy

Like many middle-east countries, the economy of Qatar is hugely dependant on its oil reserves and crude oil exports. Qatar earns about 63 billion dollars of revenue from its exports, out of which 55 billion dollars are contributed by petroleum and natural gas exports alone.

There is very little contribution from other sectors in this country with a very less or no agriculture sector and services sector. The contribution of the agriculture sector to the GDP of Qatar economy is only 0.09% while the services sector contributes only 20% of the country’s total GDP.

The Macro-Economy:

In terms of macro-economy, Qatar is the richest Muslim nation overcoming competitors like Saudi Arabia and Oman quite easily.

To tell more about the macro economy of Qatar, it was once estimated that this country had a GDP growth rate of about 1,200% in the late seventies and even more interesting is the fact that this country maintained the same standards for quite a long period of time.

Many expected the country’s growth rate to fall back, but it did not happen. Qatar economy was consistently touching the 80% growth rate over the successive years to the surprise of the experts. Another interesting fact would be about its currency. It had earlier adopted Saudi Dinar but later changed it to Qatari Dinar which had values of about one-tenth of a Saudi Dinar but now at present they both share the same values.

The GDP:

The Gross Domestic Product of the economy of Qatar is approximately about 83.29 billion dollars with a whopping GDP growth rate of 11.8%. The GDP per capita income is 101,000 dollars which suggests that this is a highly developed nation with no real problems of unemployment. The population of Qatar has a fairly high standard of living with most of them above the upper income group level.

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The Qatar Economy

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