Qatar’s economic performance improved in first quarter
12/09/21
Qatar’s budget for the first quarter of this year was exceeded by QAR 200 million (USD 54.8 million). The surplus is partly related to the most recent increase in the oil prices, the level of budgetary control as well as the general expansion and an increment in revenues from other sectors.
The export of products manufactured in Qatar saw a significant increase in the first quarter of 2021 as compared to the first quarter of 2020. At a rate of 181 percent, industrial gases were one of the six most prominent commodities to have made it to the international market. Lutreine was the second product to have seen an increase at a rate of 84.4 percent during the period. Paraffin and other chemical derivatives increased by 29 percent and 22.1 percent respectively. At a rate of 5.3 percent and 3.5 percent, aluminum and petrochemicals were the last two commodities that saw a respective increase in export levels.
The elevated levels in international trade coupled with internal developments signal the recuperation of the Qatari economy from the pandemic.
The economic growth is also attributed to the country’s leadership under His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, and the level of transparency as well as the conformity to international standards. Many policies and procedures have been implemented to diversify Qatar’s economy. New laws have been enacted to permit up to one hundred percent foreign ownership in more sectors of the economy. The free zones provide a lot of incentives for national and international businesses. Foreigner investors are permitted by law to invest in real estate in designated areas.
The 2022 FIFA World Cup and other large-scale sporting and non-sporting events before and after have brought a significant concentration and improvement to the infrastructure in the country.
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