IMF Brief:
Qatar has weathered the global financial crisis exceptionally well, reflecting the quick and strong policy response by the authorities. The sizeable enhancement of liquefied natural gas (LNG) capacity, large government support to the banking system, and increase in public spending helped sustain high growth rates through the global crisis.
Real gross domestic product (GDP) growth has rebounded to 16 percent in 2010 and is projected to accelerate to 20 percent in 2011. Headline consumer price inflation is negative in 2010, reflecting a sharp fall in domestic rents, although non-rent prices have started to rise. While bank credit for consumption and real estate stagnated after 2009, credit to public sector companies increased sharply.
| Qatar: Selected Economic and Financial Indicators, 2006–11 | ||||||
| Proj. | ||||||
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Production and prices | ||||||
| Real GDP (in percent per annum) | 18.6 | 26.8 | 25.4 | 8.6 | 16.3 | 20.0 |
| Hydrocarbon 1/ | 14.3 | 23.3 | 23.1 | 7.7 | 22.7 | 29.5 |
| Nonhydrocarbon GDP | 23.7 | 30.6 | 27.8 | 9.6 | 10.0 | 9.5 |
| Nominal GDP (in billion U.S dollars) | 60.5 | 80.8 | 110.7 | 98.3 | 126.9 | 160.5 |
| Consumer price index (period average) | 11.8 | 13.8 | 15 | -4.9 | -2.6 | 3.0 |
| (In percent of GDP on fiscal year basis) 2/ | ||||||
| Public finance | ||||||
| Total revenue | 36.1 | 36.7 | 36.0 | 44.1 | 36.8 | 35.0 |
| Hydrocarbon revenue | 23.2 | 22.0 | 20.4 | 21.6 | 20.2 | 19.2 |
| Other revenue | 12.8 | 14.7 | 15.6 | 22.5 | 16.6 | 15.7 |
| Total expenditure and net landing | 28.1 | 26.9 | 25.3 | 29.9 | 27.0 | 24.8 |
| Current expenditure, of which: | 20.8 | 16.3 | 16.8 | 19.6 | 17.5 | 15.4 |
| Wages and salaries | 5.4 | 5.0 | 4.8 | 5.6 | 5.2 | 4.6 |
| Capital expenditure | 7.3 | 10.6 | 8.5 | 10.2 | 9.6 | 9.4 |
| Overall fiscal balance (deficit -) | 7.9 | 9.8 | 10.6 | 14.2 | 9.7 | 10.2 |
| (Annual change in percent) | ||||||
| Money | ||||||
| Broad money | 38.0 | 39.5 | 19.7 | 16.9 | 21.3 | 12.0 |
| Claims on private sector | 45.9 | 51.3 | 42.4 | 7.0 | 8.5 | 13.9 |
| (In million U.S. dollars, unless otherwise stated) | ||||||
| External sector | ||||||
| Exports of goods and services, of which: | 39,276 | 50,508 | 72,695 | 48,280 | 67,183 | 88,930 |
| Crude oil and refined petroleum products | 17,840 | 21,083 | 29,438 | 18,384 | 25,566 | 27,993 |
| LNG and related exports | 13,360 | 18,710 | 32,267 | 23,947 | 33,272 | 50,907 |
| Imports of goods and services | -21,767 | -27,172 | -35,378 | -30,092 | -35,719 | -39,552 |
| Current account | 15,295 | 20,186 | 32,197 | 10,013 | 21,922 | 38,774 |
| In percent of GDP | 25.3 | 25.0 | 29.1 | 10.2 | 17.3 | 24.2 |
| Central Bank reserves, net | 5,410 | 9,546 | 9,832 | 18,352 | 26,786 | 30,706 |
| In months of imports of goods and services 3/ | 2.4 | 3.2 | 3.9 | 6.2 | 8.1 | 8.5 |
| Exchange rates (riyals/U.S. dollars) | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 | 3.64 |
| Real effective exchange rate (percent change) | 8.1 | 3.1 | 3.6 | 13.5 | … | … |
| Sources: Data provided by the authorities; and IMF staff estimates and projections.1/ Staff estimates; include crude oil, LNG, propane, butane, and condensate.2/ Fiscal year begins in April.3/ Next 12 months. | ||||||
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