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Qatar » Introduction
Basic Economic Facts
GDP composition by Sector
From the GDP of $8 billion in 1995, it is forecasted to reach $62 billion by 2011. Qatar's GDP per capita is estimated at $61,540 in 2006, placing the country among the world's highest income nations.
Qatar sits on the third largest gas reserves in the world, and holds proven oil reserves of 13.2 billion barrels. Petroleum is the cornerstone of Qatar's economy and accounts for more than 70% of total government revenue, more than 60% of and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m³) should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP three-fourths that of the leading West European industrial countries. Qatar's proved reserves of natural gas exceed 7000 km³, more than 5% of the world total, third largest in the world. Production and export of natural gas are becoming increasingly important.
Long-term goals feature the development of offshore petroleum and the diversification of the economy. Qatar is now the richest country in the Muslim world. Qatar's economy was in a downturn from 1982 to 1989. With the economy recovering in the 1990s, the expatriate populations particularly from Egypt and South Asia, have grown again. In 1996, the Qatar gas project began exporting liquefied natural gas (LNG) to Japan. Further phases of North Field gas development costing billions of dollars are in various stages of planning and development. The economy of Qatar highly depends on its export trade. The agricultural products of the country are vegetables, different types of fruits etc. Agriculture is contributing to 2% of GNP. The things that are exported are petroleum products, liquefied natural gas (LNG), fertilizers, steel etc. Fishing is at the level of 7,000 tons per year, principally shrimp, equaling 15 kg/inhabitant. Countries like Japan, South Korea and Singapore are the primary partners with Qatar in this business.
The State continues to implement its policies to diversify the sources of income. The State also continued to intensify its efforts to rationalize public spending and increase non-petroleum revenues. The Qatari economy underwent major developments that were positively reflected on the general economic performance. As a result, the national economy has achieved in recent years a significant positive growth trend. Fishing is at the level of 7,000 tons per year, principally shrimp, equaling 15 kg/inhabitant.
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