The Fastest Growing Economy In The World: The Qatari Economy

In 2010, Qatar was the fastest growing economy in the world – ahead of Singapore and Turkmenistan, with a real GDP growth rate of 19.40 per cent. Since 2008, Qatar has been consistently ranked among the top three fastest growing economies in the world. Analysts believe Qatar will continue its double-digit growth trend for the next few years on the back of rising oil and natural gas prices.

View The Slideshow: Fastest Growing Countries in 2011
Qatar’s oil and natural gas industries account for 50 per cent of GDP, 85 per cent of export earnings and 70 per cent of the government’s revenue. According to 2010 statistics, Qatar produced 76.98 billion cubic metres of natural gas and an average of 1.213 million barrels of oil per day.

Read more about the Qatar Economy on EconomyWatch

Qatar Industry Sectors
The industrial sector remains Qatar’s key economic driver, 78.8 per cent of Qatar’s GDP in 2010 was derived from the industry sector, while services and agriculture sectors contributed 21.1 per cent and 0.1 per cent to GDP respectively.

Qatar had the world’s fastest industrial production growth rate in 2010, rising by 27.1 per cent from the previous year. This followed double-digit growth trends from the past two years.

Full Article: Qatar Industry Sectors

Qatar Export, Import & Trade
Qatar’s main exports are derived from the industrial sector. In 2010, Qatar’s total exports were valued at US$57.82 billion; LNG, petroleum products, fertilizers and steel are Qatar’s key export commodities.

Qatar operates with a trade surplus, however much of its revenues earned from exports are reinvested into imports that would help sustain Qatar’s rapidly growing economy. This includes machinery and transport equipment, food, and chemicals. The value of Qatar’s imports in 2010 was US$23.38 billion, with 14.43 per cent of the imports coming from the US, 8.34 per cent from Italy, 8.33 per cent from South Korea, and 8.04 per cent from Japan.

Full Article: Qatar Export, Import & Trade

Qatar Economic Structure
Qatar’s economic success contradicts its physical size. The smallest member of OPEC, both in land area and population, Qatar is also the third smallest state in the Middle East, behind Bahrain and Lebanon.

Located in the Persian Gulf, Qatar is a peninsula that shares its border with Saudi Arabia. Its capital, Doha, is situated in the east on the Persian Gulf and is home to 80 per cent of Qatar’s population. The Salwa International Highway links Doha to Saudi Arabia and the upcoming Bahrain-Qatar Friendship Causeway will also facilitate transport between two of the largest financial centres in the Middle East.

Full Article: Qatar Economic Structure

Qatar Economic Forecast
Today, Qatar enjoys one of the lowest unemployment rates in the world, with only 0.5 per cent of the labour force unemployed. No forecast has been made for the future, however historic data from the past 4 years suggests it’s unlikely for any dramatic increase in unemployment. What is more clear though, is the influx of Non-Qataris expected to increase Qatar’s population growth over the next few years – with an annual growth rate forecasted between 3.97 to 4.03 per cent from 2010 to 2014, reaching a total population of 2.068 million people in 2015.

Qatar’s residents are considered to be the wealthiest in the world. Qatar’s GDP per capita (PPP) is the highest in the world at US$88,232.51. By 2015 it’s expected to rise to US$116,996.84.

Full Article: Qatar Economic Forecast

And check out the latest statistics and economic indicators for Qatar on EconomyWatch.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.