Qatar’s economy grew 41.8 percent from a year earlier at current prices in the second quarter of this year on the back of increased production of gas and gas-related products as well as high energy prices, the Gulf Arab state’s statistics body said on Sunday.
Estimated nominal gross domestic product ballooned to QR153.7bn ($42.2bn) from QR108.4bn in the second quarter of last year, the Qatar Statistics Authority said. GDP rose 8.8 percent from QR141.3bn riyals in the first quarter.
“Rising levels in the quantity of gas-related products and high energy prices have been the main drivers of nominal year-on-year quarterly GDP increase,” the authority said.
The gross value-added of the mining and quarrying sector, which includes oil and gas, increased 67.6 percent compared to a year ago and rose 10.3 percent from the first quarter, the data showed.
“The main contributor was the increase in liquefied natural gas and other gas-related products. Condensates and other natural gas liquids (butane and propane) showed a major jump following the operation at full capacity of the two new LNG mega trains,” the authority said.
The world’s top LNG exporter remains the Gulf region’s leader in economic growth with real GDP, adjusted for inflation, expected to expand 18.9 percent this year, according to a Reuters poll of analysts published last week. Annual inflation in Qatar was 1.8 percent in June, according to official data.