Economy in Qatar

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Economy—overview: Oil is the backbone of the economy and accounts for more than 30% of GDP roughly 70% of export earnings and 66% of government revenues. Proved oil reserves of 3.7 billion barrels should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP comparable to the leading West European industrial countries. Qatar's proved reserves of natural gas exceed 7 trillion cubic meters more than 5% of the world total third largest in the world. Production and export of natural gas are becoming increasingly important. Long-term goals feature the development of off-shore petroleum and the diversification of the economy.

GDP: purchasing power parity— $22.47 billion (2005 est.)

GDP—real growth rate: 8.8% (2005 est.)

GDP—per capita: purchasing power parity—$26,000 (200s5 est.)

GDP—composition by sector:

agriculture: 0.2%

industry: 81%

services: 18.8% (2005 est.)

Inflation rate—consumer price index: 7.8% (2005 est.)

Labor force:

total: 440,000 (2005 est.)

Unemployment rate: 2.6% (2001 est.)

Budget:

revenues: $17.31 billion

expenditures: $11.31 billion including capital expenditures of $2.2 billion (2005 est.)

Industries: crude oil production and refining, ammonia, fertilizers, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Industrial production growth rate: 10% (2003 est.)

Electricity—production: 9.735 billion kWh (2003)

Electricity—consumption:  9.053 billion kWh (2003)

Agriculture—products:  fruits, vegetables; poultry, dairy products, beef; fish

Exports:

total value: $24.9 billion (f.o.b. 2005 est.)

partners:  Japan 41.9%, South Korea 15.8%, Singapore 9.1%, India 5.4% (2004)

Imports:

total value: $6.706 billion (f.o.b. 2005 est.)

partners:  France 26.6%, US 9.5%, Saudi Arabia 9.4%, UAE 6.3%, Germany 5.2%, Japan 5.2%, UK 5.1% (2004)

Debt—external: $20.63 billion (2005 est.)

Economic aid: $NA

Currency: 1 Qatari Riyal (QR) = 100 Dirhams

Exchange rates: Qatari riyals (QR) per US$1—3.6400 riyals (fixed rate)

Fiscal year: 1 April—31 March

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