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Middle East and North Africa
Qatar |
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Last reviewed: 02 November 2009 |
Country information
ECONOMY
Basic Economic Facts
GDP: US$71.2 billion (2007 est, Qatar Statistic Authority)
GDP per capita: US$74,000
Annual Growth: 14.2%
Inflation: 13.73%
Major Industries: Petrochemicals, Financial Services, Construction
Major trading partners: Japan, US, UK, Singapore, South Korea, Italy, Germany, UAE, France, Saudi Arabia
Exchange rate: £1 = QR 5.97 (October 2009) US$1 = QR 3.64 (fixed)
While income from oil, currently produced at around 800,000 barrels per day, accounts for most of the government's revenue, Qatar's future economy will depend increasingly on gas. Qatar has invested heavily in world class Liquefied Natural Gas (LNG) facilities including a deep-water port at Ras Laffan to exploit the North Dome gas field. This field is the world’s largest non-associated gas field, holding 14-16% of world reserves. At current planned rates of extraction the field will last for over two hundred years. Qatar is already the leading global supplier of LNG and output is expected to increase to 77 million tonnes per year by 2012. There are two national gas companies, Qatargas and RasGas. Through the South Hook LNG terminal in Wales, Qatar is capable of supplying up to 20% of the UK’s gas needs. Government efforts to diversify the economy have led to the establishment of petrochemical, oil-refining, and fertiliser industries, as well as the establishment of Qatar Airways, the Qatar Science and Technology Park and the growth of Doha as a regional conference centre.
