DOHA: The non-hydrocarbon sector continues to be the engine of growth in the Qatari economy, expanding by 8.9 percent year-on-year in Q1, 2015. The largest contributors to real non-hydrocarbon growth were construction, financial services and manufacturing.
“Qatar’s economy registered strong performance in the first quarter of 2015, growing by 4.1 percent year-on-year. Growth was spurred by the strong expansion in the non-hydrocarbon sector. Hydrocarbon production, meanwhile, remained broadly stable”, QNB’s ‘economic commentary’ on Qatar noted yesterday.
Citing Ministry of Development Planning and Statistics (MDPS), QNB analysts said that construction activity increased 11.4 percent year-on-year as large scale infrastructure projects remain the main driver of economic activity in Qatar. Such projects include the new Doha metro, real estate projects such as Musheireb in the centre of Doha and Lusail to the north, as well as new roads, highways and further expansion of the new Hamad International Airport.