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On the economic front, Qatar's success is enviable by any standards. In a few years this small Gulf Cooperation Council (GCC) country of approximately 743,000 people (only about a third of who are Qataris) may well become the richest country in the world in terms of GDP per capita. From the GDP of $8 billion in 1995, it is forecasted to reach $62 billion by 2011. Qatar's GDP per capita is estimated at $61,540 in 2006, placing the country among the world's highest income nations.
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Basic economic information (2008 est)
GDP: purchasing power parity - $83.29 billion billion
GDP - real growth rate: 7.8%
GDP - per capita (PPP):
$101,000
GDP - composition by sector: agriculture: 0.1%, industry: 79.4%, services: 20.5%
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Qatar sits on the third largest gas reserves in the world, and holds proven oil reserves of 13.2 billion barrels. When in 1996 the country's natural resources were harnessed by astute fiscal policies adopted by HH Sheikh Hamad bin Khalifa Al-Thani, opportunities for the generation of wealth became almost boundless, with massive international investment in its energy sector. The country has almost no unemployment and is experiencing rapidly rising prosperity.
Oil and gas account for more than 79% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have given Qatar a per capita GDP about 80% of that of the leading West European industrial countries.
Standard and Poor's (S&P) Ratings Services in August 2006 affirmed it's A+ long-term and A- short-term sovereign credit ratings on Qatar. These rating reflect Qatar's strong economic prospects backed by a burgeoning oil and gas industry. |
