Qatar Economy 2008

Economy - overview:
Qatar is in the midst of an economic boom supported by its expanding production of natural gas and oil. Economic policy is focused on development of Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors. Oil and gas account for more than 60% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar one of the world's faster growing and higher per-capita income countries - equal to the EU in 2007 per-capita income. Sustained high oil prices and increased natural gas exports in recent years have helped build Qatar's budget and trade surpluses and foreign reserves. Proved oil reserves of more than 15 billion barrels should ensure continued output at current levels for 22 years. Qatar's proved reserves of natural gas are roughly 25 trillion cubic meters, about 15% of the world total and third largest in the world. Qatar has permitted substantial foreign investment in the development of its gas fields during the last decade and became the world's top liquefied natural gas (LNG) exporter in 2007.

GDP (purchasing power parity):
$68.87 billion (2007 est.)

GDP (official exchange rate):
$33.93 billion (2007 est.)

GDP - real growth rate:
7.8% (2007 est.)

GDP - per capita (PPP):
$75,900 (2007 est.)

GDP - composition by sector:
agriculture: 0.1%
industry: 73.5%
services: 26.4% (2007 est.)

Labor force:
638,000 (2007 est.)

Unemployment rate:
0.7% (2007 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
12% (2007 est.)

Investment (gross fixed):
43.5% of GDP (2007 est.)

Budget:
revenues: $23.5 billion
expenditures: $19.61 billion (2007 est.)

Public debt:
23.2% of GDP (2007 est.)

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

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

Industrial production growth rate:
8% (2007 est.)

Electricity - production:
13.54 billion kWh (2005)

Electricity - consumption:
12.52 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
1.111 million bbl/day (2005 est.)

Oil - consumption:
95,000 bbl/day (2005 est.)

Oil - exports:
960,600 bbl/day (2004)

Oil - imports:
0 bbl/day (2004)

Oil - proved reserves:
15.21 billion bbl (1 January 2006 est.)

natural gas - production:
43.93 billion cu m (2005 est.)

natural gas - consumption:
17.93 billion cu m (2005 est.)

natural gas - exports:
25.99 billion cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
24.73 trillion cu m (1 January 2006 est.)

Current account balance:
$7.733 billion (2007 est.)

Exports:
$33.28 billion f.o.b. (2007 est.)

Exports - commodities:
liquefied natural gas (LNG), petroleum products, fertilizers, steel

Exports - partners:
Japan 40.5%, South Korea 16.5%, Singapore 6.6%, Thailand 4.2% (2006)

Imports:
$15.32 billion f.o.b. (2007 est.)

Imports - partners:
France 13.4%, Japan 10.2%, US 9.3%, Italy 8.9%, Germany 7.8%, UK 6.3%, Saudi Arabia 5.8%, South Korea 4.7% (2006)

Economic aid - recipient:
$2.18 million (2004)

Reserves of foreign exchange and gold:
$6.368 billion (31 December 2007 est.)

Debt - external:
$31.07 billion (31 December 2007 est.)

Stock of direct foreign investment - at home:
$10.63 billion (2006 est.)

Stock of direct foreign investment - abroad:
$2.525 billion (2006 est.)

Market value of publicly traded shares:
$61.56 billion (2006)

Currency (code):
Qatari rial (QAR)

Exchange rates:
Qatari rials per US dollar - 3.64 (2007), 3.64 (2006), 3.64 (2005), 3.64 (2004), 3.64 (2003)