DOHA: Qatar’s nominal Gross Domestic Product (GDP) estimate for third quarter (Q3) of 2014 stood at QR193.08bn (about $53bn), up 4.1 percent compared to the estimate of QR185.43bn ($50.91bn) in Q3, 2013, according to the latest data released by the Ministry of Development, Planning and Statistics yesterday.
However, on quarterly basis, the nominal GDP estimate in Q3, 2014 has increased by 1.8 percent compared to the previous quarter (Q2, 2014) estimate of QR189.65bn.
The Ministry has released the preliminary estimates of GDP at current and constant prices for Q3, 2014, produced by using the data collected through the Quarterly Economic Indicator Survey and from other source agencies.
The quarterly real GDP in Q3, 2014, (at constant prices 2004) stood at QR97.51bn ($26.78bn), registering a year-on-year growth of 6 percent over the estimate of Q3, 2013 QR91.98bn ($25.26bn).
When compared to the previous quarter (Q2, 2014) estimate of QR93.86bn, there has been a growth of 3.9 percent.
The nominal Gross Value Added (GVA) estimate of Mining and Quarrying (including Oil and Gas) sector in Q3, 2014 has been QR95.26bn, which shows a decline of 4.3 percent over the estimate of Q3, 2013, placed at QR99.53bn.
Compared to the previous quarter (Q2, 2014) estimate, there has been a decline of 1.5 percent in the GVA of this sector.
The real GVA of this sector in Q3, 2014 (QR36.33bn), witnessing a fall of 2.8 percent over the estimate of Q3, 2013 (QR37.38bn).
However, compared to the previous quarter (Q2, 2014) estimate, a growth of 1.3 percent has been seen in this quarter.
The receding crude oil production and some maintenance shutdowns in Gas plants primarily explain the year-on-year fall in the production volume of this sector.
Besides this, the reduction in international price levels of crude oil and gases in this quarter has led to a sharper decline in nominal GVA of this sector.
The nominal GVA estimate of Non-mining and Quarrying sectors in the Q3, 2014 has been placed at QR97.82bn, which shows an increase of 13.9 percent over the estimate of Q3, 2013 (QR85.9bn).
Compared to the previous quarter (Q2, 2014) estimate, there has been an increase of 5.3 percent in the GVA of these sectors.
The real GVA of these sectors in Q3, 2014, totaled QR61.17bn, which shows a growth of 12 percent over the GVA (QR54.60bn) estimated in the corresponding quarter Q3, 2013. The quarter-on-quarter growth of these sectors was 5.5 percent.
The year-on-year growth in the Q3, 2014 is the result of double digit rise seen mainly in electricity, construction, trading, transport and communication, financial sectors and domestic services. The seven percent jump in the country’s population in Q3, 2014 was another factor in contributing such a growth.
The Peninsula
