Qatar economic growth to slow down in 2013

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doha aerial view
An aerial view of Doha, capital of the State of Qatar. Photo - Royal Dutch Shell Media Library

Qatar General Secretariat for Development Planning (GSDP) said on Monday it expected the country’s economic growth to slow to 4.5% in 2013 from a projected 6.2% this year, due to looming risks in the global economy, particularly in the euro zone.

The commission also forecasted inflation rate to hover between 2-3% in 2012 and 2013.

Private economists believe the growth forecast is slightly lower than the general consensus due to changing dynamics of the global economy. Analysts polled by Reuters in March expected real gross domestic product (GDP) growth of the world’s top liquefied natural gas exporter to decelerate to 5% in 2013 from 6.6% this year and 14% in 2011.

Diversification

The General Secretariat for Development Planning (GSDP) also announced on Monday it plans to invest about $130 billion in its non-hydrocarbon sector in 2012-2018.

The statement underlined that infrastructure spending should average more than 10% of the OPEC member’s gross domestic product in coming years.

Qatar announced on Sunday it is interested in applying for the status of Qualified Foreign Institutional Investor (QFII) in China with an aim to seek investment quota of $5 billion. Doha annually exports 5 million tonnes of liquified natural gas (LNG) to China.

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