Qatar: Economy

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Qatar: Economy

CONTENT

INTRODUCTION
1. Political situation
2. Economy
3. Health & Education
4. Religions & Peoples
5. History

KEY FIGURES

GDP: US$17 billion
GDP/capita: US$20,800
GDP/sector: Agriculture 1%, Industry 49%, Services 50%
Foreign debts: US$13.1 billion (2000)
Foreign debts/GDP: 77%
Foreign debts/capita: US$16,000
Annual growth in GDP: 5%
Trade balance: +315%
Export products: Petroleum products, fertilizers, steel.
Annual inflation rate: 2%
Official unemployment: 2.7% (2001)

All figures are 2002 estimates.

VALUE OF CURRENCY

Fixed rate:
US$1= 3.64 Qatari rials

Qatar is totally dependent on oil, but natural gas is a potential resource for the country because the North Dome Field is the third largest reserve for liquefied natural gas in the world. Qatar's reserves of oil are 3,3 billion barrels, and they are expected to last about 25 years. Currently,140 million barrels per year are produced, and natural gas is produced at a level of 8,2 billion mł per year.

Oil production represents about 85% of the total income of the country. The centre of the Qatari oil production is around Dukhan in the west, and there are one onshore and three offshore fields. Together with the United Arab Emirates, Qatar owns the Bundaq field.

Attempts to industrialize and diversify the economy has had only limited success. Most of the industrial activity is located around Umm Said. Industries include cement, fertilizer, steel and petroleum. The steel production has been a success, and has produced a profit for the last 10 years. For foreign investors, Qatar is offering tax exemptions for 12 years, and foreign companies are allowed to be 100% foreign owned. There are, however, strict regulations on foreign ownership of property.

Doha Securities Market and the stock exchange handle stocks and securities, but the Security Market limits itself to Qatari values alone. The stock exchange is operating at levels of US$2 million per year.

Agriculture is of miniscule importance, contributing to only 2% of GNP, but there are governmental schemes to improve this through irrigation. Qatar produces about 50% of its own consumption of vegetables. Live stock includes 100,000 goats, 1,1 million sheep, 30,000 camels and 10,000 cattle. Fishing is at the level of 7,000 tons per year, principally shrimp, equalling 15 kg/inhabitant.