Qatar’s economy grows 4% in Q2; China at risk

Web Desk BOL News

04th Oct, 2021. 01:31 pm
Qatar Airways

DOHA: Qatar’s economy grew 4 per cent on a year-on-year basis in the second-quarter, Arab News quoted official preliminary estimates, fuelled mainly by the non-hydrocarbon sector.

On a quarterly basis; however, the gross domestic product (GDP) based on constant prices decreased 0.3 per cent, the Gulf state’s statistics authority said.

Mining and quarrying GDP expanded 0.7 per cent on a year-on-year basis in the second quarter, while non-mining and quarrying activities posted a 6.2 per cent growth.

Accommodation and food service activities saw the biggest annual jump, growing 41 per cent, reflecting the low base last year because of coronavirus-related restrictions.

Transportation and storage activities followed, with a 26.9 per cent growth, while manufacturing grew 13.4 per cent.

Qatar, a major liquefied natural gas (LNG) producer, posted a surplus of around $1 billion in the second quarter, the Finance Ministry said in August, citing higher-than-budgeted oil prices.

In January, it reached a breakthrough on a three-year old dispute with Saudi Arabia and three other Arab countries that had imposed a diplomatic, trade and travel embargo.

China

Disruptions in the global supply chains and increases in inflationary pressures are a risk, as China’s power shortfalls mount. The Wall Street Journalreports that this is setting back China’s economic recovery.

EU Zone

Euro inflation hits 3.4 per cent in September, a 13-year high, and even higher increases are possible in the future. The increase in prices was largely accounted for by a rise in the energy costs.

UK

Purchasing managers’ index falls for the fourth consecutive month in September, as British factories deal with supply chain problems and employment shortages.

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