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Qatar’s economy grows 4% in Q2 boosted by non-hydrocarbon activities By Reuters

by Mike Robinson

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© Reuters. A car drives on the road to Hamad International Airport Doha, Qatar. June 5, 2017. REUTERS/Stringer/Files

DUBAI, (Reuters) – Qatar’s economy grew 4% over the past year in the second quarter according to preliminary estimates. The growth was mainly driven by non-hydrocarbon sectors.

However, on a quarterly basis the gross domestic product (GDP), which is based on constant price, decreased 0.3% according to Sunday’s statement by the statistics authority of the Gulf state.

The second quarter saw 0.7% growth in mining and quarrying GDP, and 6.2% for non-mining and quarrying.

Accommodation and food services saw 41% annual growth, reflecting the low base due to coronavirus-related restrictions.

Transport and storage saw a 26% increase, while manufacturing saw a 13.4% growth.

Qatar is a large producer of liquefied natural gas (LNG). The finance ministry reported in August that Qatar posted an excess of $1 billion for the second quarter. This was despite higher oil prices than expected.

The three-year-old dispute between Saudi Arabia and three Arab countries, which had put an embargo on travel, commerce and diplomatic relations, was resolved in January.

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