Accordingly, careful planning has gone into industrial development. With an eye towards exports, development has been clustered around the ports of Ras Laffan Industrial City and Mesaieed Industrial Area, which are key centers of energy. Industries Qatar , a producer of petrochemicals, fertilizers and steel, is a regional powerhouse, surpassed only in size by Saudi Basic Industries Corporation , the Middle East’s largest chemical producer. In 2007 the manufacturing sector made the third-largest contribution to GDP among non-oil and gas sectors, equivalent to about 7.5% of GDP.
But rising global oil demand helped current GDP per capita to expand 94% in the 90s. There are many natural economic reasons for GDP-per-capita to vary between jurisdictions (e.g. places rich in Oil & Gas reserves tend to have high GDP-per-capita figures). However, it is increasingly being recognized that tax havens, or corporate tax havens, have distorted economic data which produces artificially high, or inflated, GDP-per-capita figures. It is estimated that over 15% of global jurisdictions are tax havens .
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The country’s GDP per capita in 2026 will be $101,816, FocusEconomics estimated in its latest report. You can see GDP in other countries in GDP and see all the economic information about Qatar in Qatar’s economy. If we order the countries according to their GDP per capita, Qatar is very well positioned in terms of the standard of living of its population, coming 11th out of the 196 countries whose GDP we publish. Gross Domestic Product of Qatar grew 1.6% in 2021 compared to last year.
In 2019, the estimated average GDP per capita of all of the countries of the world was Int$ 18,381. For rankings regarding wealth, see list of countries by wealth per adult. To help compensate for this distortion of GDP, many economists also view a country’s Gross National Product , or a related metric, Gross National Income .
Such calculations are prepared by various organizations, including the IMF and the World Bank. As estimates and assumptions have to be made, the results produced by different organizations for the same country are not hard facts and tend to differ, sometimes substantially, so they should be used with caution. Following the outbreak of regional unrest in 2011, Doha prided itself on its support for many popular revolutions, particularly in Libya and Syria. This stance was to the detriment of Qatar’s relations with Bahrain, Egypt, Saudi Arabia, and the United Arab Emirates , which temporarily recalled their respective ambassadors from Doha in March 2014. TAMIM later oversaw a warming of Qatar’s relations with Bahrain, Egypt, Saudi Arabia, and the UAE in November 2014 following Kuwaiti mediation and signing of the Riyadh Agreement. In June 2017, Bahrain, Egypt, Saudi Arabia, and the UAE (the “Quartet”) cut diplomatic and economic ties with Qatar in response to alleged violations of the agreement, among other complaints.Have you heard of Companies That Buy Houses? Check out their website at https://www.companiesthatbuyhouses.co/illinois/ for more information.
Latest data on GDP Constant Prices (QAR Million)
Qatar is now the richest country in the world, on a per person basis. Current GDP per capita registered a world record-breaking peak growth of 1,156% in the 70s. This became quickly unsustainable and Qatar’s current GDP per capita contracted 53% in the 80s.
While this severely impacted Qatar in the beginning, it has since stabilized by using its huge finances to pay for imports, and now has enough assets to pay for its shortages until a hundred years from now. FocusEconomics panellists see inflation averaging 4.4% in 2022, which is up 0.3 percentage points from last month’s forecast, and 2.8% in 2023. The picture in the energy sector was more mixed however; after growing in annual terms in April, the volume of energy output “contracted” in May, FocusEconomics said. Public debt has been estimated by FocusEconomics at 45.8 this year, 41.5 , 42.1 , 41.1 and 40 . GDP growth this year has been estimated at 4.5% and 2.8% in 2023, 2.8% , 3.3% and 3.8% .
- In June 2017, Bahrain, Egypt, Saudi Arabia, and the UAE (the “Quartet”) cut diplomatic and economic ties with Qatar in response to alleged violations of the agreement, among other complaints.
- National GDP has been estimated by FocusEconomics to reach $217bn this year, $219bn in 2023, $228bn , $243bn and $259bn .
- Overall, it was the best performing of the Gulf Cooperation Council markets in the last quarter of 2008 and most banks posted substantial profits for 2008.
- Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
- But the sector is also facing issues of liquidity, declining customer confidence and a forced reluctance to lend.
An IMF investigation estimates that circa 40% of global foreign direct investment flows, which heavily influence the GDP of various jurisdictions, are described as “phantom” transactions. In the 2000s, Qatar resolved its longstanding border disputes with both Bahrain and Saudi Arabia and by 2007 had attained the highest per capita income in the world. Qatar did not experience domestic unrest or violence like that seen in other Near Eastern and North African countries in 2011, due in part to its immense wealth and patronage network.
It refers to the total value of goods and service produced during a given time period . The Islamic finance sector enjoyed increased activity in 2008 and is expected to continue to grow into 2009 as more sophisticated financial instruments spark the interest of investors. Islamic banks currently take the lion’s share of sharia-compliant business, though the conventional banks are working hard to take a greater share of market activity. Both Islamic banks and Islamic subsidiaries did remarkably well in the first three quarters of 2008, during which overall financing activity increased by 70.6% compared to the same period in the previous year. Poor market conditions have contributed to a marked slowdown of Islamic bond, or sukuk, activity in 2008 throughout the Persian Gulf.
Moreover, the non-energy sector will record strong growth, given the reduced impact of the pandemic and the upcoming FIFA World Cup. Increased trade with the Arab Quartet will also be a contributor. The paper implicitly adopts the “smaller” tax haven approach, i.e., disregarding larger countries which have either low taxes rates , or systems of taxation qatar gdp per capita which permit them to be used to structure tax avoidance schemes . GDP and GDP per capita are usually measured by international dollar, which is a hypothetical currency that has the same purchasing power in every economy as the U.S. dollar in the United States. The gross domestic product per capita figures on this page are derived from PPP calculations.
Qatar GDP Indicators
Speaking of being rich, Qatar is actually the richest country in the world, at least in terms of per capita GDP. Luxembourg comes in at second place with a per capita GDP of $104,003. Again, this can be attributed to the fact that it is quite a small country that is blessed with the third largest oil reserve in the world.
So far the government, the primary transport developer, has done well in terms of keeping up with demand for new transportation options. Ashghal works in tandem with the Urban Planning and Development Authority , the body that designed the transportation master plan, instituted in March 2006 and running to 2025. Under the ambitious five-year development plan of the Qatar Tourism and Exhibitions Authority , the government aimed to boost the number of visitors from 964,000 as of 2007 to 1.5m by 2010. In order to keep up with a rising number of visitors, the government set a goal of increasing hotel capacity 400% by 2012.
GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.Qatar gdp per capita for 2021 was $66,838, a 27.76% increase from 2020. Energy in Qatar describes energy production, consumption, and policies of the State of Qatar. The International Monetary Fund ranked Qatar as having the fifth highest GDP per capita in 2016 with a 60,787 USD per capita nominal GDP over a population of 2.421 million inhabitants. In 2014, oil and natural gas production made up 51.1% of Qatar’s nominal GDP.
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The U.S. is the major equipment supplier for Qatar’s oil and gas industry, and U.S. companies are playing a major role in North Field gas development. 890- Qatar pursues a vigorous program of “Qatarization”, under which all joint venture industries and government departments strive to move Qatari nationals into positions of greater authority. Growing numbers of foreign-educated Qataris, including many educated in the U.S., are returning home to assume key positions formerly occupied by expatriates.
They restored ties in January 2021 after signing a declaration at the Gulf Cooperation Council Summit in Al Ula, Saudi Arabia. World Economics has reassessed Qatar’s GDP by adjusting for any base year age and size of the informal economy to estimate GDP PPP at $316 billion – 23% larger than offical estimates. The population of Qatar is estimated to be 3.0 million which gives a GDP per capita PPP of $106,004. This places Qatar in 57th place in the World Economics Global Wealth rankings and 6th for Middle East. 2030 is only 8 years away, by making very modest assumptions about economic growth it is possible to project forward economic data to 2030. Available via annual subscription to one or more of CEIC’s global and premium databases.
Other statistics on the topicQatar
Qatar gained independence in 1971, and massive oil and natural gas reserves have made it one of the world’s richest countries. Sheikh Tamim bin Hamad Al-Thani has promoted improvements in infrastructure, health care, and education and the expansion of manufacturing, construction, and financial services. A dispute with Saudi Arabia, Bahrain, Egypt, and the United Arab Emirates related to Qatar’s support for Islamist extremists and friendly relations with Iran was resolved in January 2021. As host of the 2022 World Cup, Qatar has expedited large infrastructure projects including roads, light rail transportation, a new port, stadiums, and other sporting facilities. Oil production will not long remain at peak levels of 500,000 barrels (80,000 m³) per day, as oil fields are projected to be mostly depleted by 2023. However, large natural gas reserves have been located off Qatar’s northeast coast.
PPP takes into account the relative cost of living, rather than using only exchange rates, therefore providing a more accurate picture of the real differences in income. GDP at purchaser’s prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. This is similar to nominal GDP per capita, but adjusted for the cost of living in each country. The stock market capitalisation of listed companies in Qatar was valued at $95,487 million in 2007 by the World Bank.
Qatar has the world’s third largest proven natural gas reserve and is the second-largest exporter of natural gas. Qatar has a high economic dependency on the global oil and natural gas market with 51% of its nominal GDP coming from oil and gas exports in 2014. In 2015, Qatar was ranked as the 17th top producer of crude oil worldwide at an approximate 1.532 million bbl/day.
In addition, the railway system is being significantly expanded and could eventually form an integral part of a GCC-wide network linking all of the six member states. The airport, too, is expanding capacity to keep up with rising visitor numbers. The New Doha International Airport is one of the largest projects in Qatar today and will boast a capacity of 50m passengers upon completion in 2015. Finally, port infrastructure is seen as an integral part of Qatar’s economic development as it focuses on LNG and industrial exports. While the financial crisis may present challenges to infrastructure development, once all projects are completed Qatar will have one of the most advanced and modern transport infrastructures in the region. Petrochemicals and fertilizers supply make up a large portion of the industrial base, along with steel and other construction materials, through Qatar Steel and Qatar Primary Material Company .
Between December 2006 and July 2008 the DSM Index rose about 117% before the global financial crisis wiped out most of these gains. In the first few months of 2009, the DSM lost about 40% of its value. In an effort to stave off further losses, the government announced in February 2009 that it would step in to buy up shares of troubled banks amounting to about 10% of the market’s capitalisation.