Qatar Economy is now the richest country in the Muslim world. The Current GDP per capita of the country grew by a world record of 1,156%.
In 2010, Qatar Economy was the fastest growing economy in the world – at the forefront Singapore and Turkmenistan, with a growth rate of real GDP of 19.40 percent. Since 2008, Qatar Economy has been ranked among the fastest growing economies in the world three. Analysts said that Qatar Economy will continue its trend of double digit growth for the next year on the back of oil and natural gas.
Qatar’s oil and natural gas 50 percent of GDP, 85 percent of export earnings and 70 percent of government revenue.
According to 2010 statistics show that Qatar produced 76.98 billion cubic meters of natural gas and an average of 1.213 million barrels of oil a day.
Qatar’s Natural Gas
Qatar Economy is dependent on the gas. Currently, Qatar held 25,470,000,000,000 cubic meters of natural gas under test, at a rate of 15 per cent of total world reserves. Qatar has the proven reserves of natural gas third largest in the world behind Russia and Iran.
Qatar Industry Sectors
Industry will remain a key factor in the Qatar Economy, 78.8 per cent of Qatar’s GDP in 2010 came from industry, while services and agriculture sector contributed 21.1 percent and 0.1 percent of GDP.
Qatar has the world’s fastest growth rate of industrial production in 2010 increased by 27.1 percent the previous year. This trend of double digit growth followed by two years.
Qatar Export, Import & Trade
Qatar’s main exports are from the industry sector. In 2010 Qatar Total exports were valued at U.S. $ 57.82 billion, LNG, petroleum products, fertilizers and steel are the main export products in Qatar.
Japan is a partner in Qatar exports, which constitute 34.68 percent of Qatar’s total exports, followed by South Korea (22.4 percent), Singapore (10.3 percent) and India (4, 86 percent).
Qatar Economy Structure
Qatar’s economic success belies its size. The smallest member of OPEC in both area and population, are Qatar, the third smallest state in the Middle East, behind Bahrain and Lebanon.
Of the 1.7 million people currently living in Qatar is estimated at almost three-quarters of foreigners with temporary residence status.
Qatar Economy Forecast
Today, Qatar has one of the lowest unemployment rates in the world, with only 0.5 percent of the unemployed workforce.
Residents of Qatar are considered the richest in the world. Qatar’s GDP per capita (PPP) is the world’s tallest in the U.S. $ 88,232.51. In 2015 is expected to increase to $ 116,996.84 U.S.
Qatar’s current account is expected to grow rapidly. In 2010, Qatar was the U.S. $ 19.714 billion, growing 40.22 percent from 2009. This growth, however, is more than likely to be overshadowed by Qatar in 2011 is projected to rise to 83.93 percent, Qatar 11, the current largest in the world. By 2015, Qatar is expected to Reach U.S. $ 42.21 billion.
With the country’s resources, we can only expect the unexpected in Qatar Economy!