Recently released official data paints a quite positive picture of Qatar’s key economic indicators and by extension of the policies and choices made by state authorities.

The source of the data is the National Accounts Bulletin (NAB) 2015 from the Ministry of Development Planning and Statistics, a governmental entity with a track record of releasing stats on a regular basis, albeit those focussed on positive outcomes.

Yet, some numbers such as the non-existence of unemployment amongst nationals and an absence of inflationary pressures at the moment are hardly challenged by independent sources.

The official jobless rate stands at a marginal 0.2 per cent, something extraordinary by global standards. The figure is in line with results of a study published in late 2014 by the World Economic Forum, entitled Rethinking Arab Employment. The latter survey had overall unemployment rate in Qatar at 0.6 per cent, the lowest within the GCC.

True, the jobless rate rises to 1.7 per cent among youths, but this is not worrying going by like-for-like averages elsewhere in the world.

Turning to economic diversification, the official numbers suggest the share of non-oil sector constituted 62 per cent of gross domestic product (GDP) in 2014. Certainly, the figure compares positively with the 55 per cent of GDP only four years ago.

Ostensibly, there is a strong logic for this material change, including the steady governmental investments in projects related to Qatar hosting World Cup 2022. A sizable amount of state investments are being sanctioned for infrastructure schemes like an innovative metro system.

Anyway, the diverse direct and indirect investments including those by local and international investors could reach a staggering $200 billion (Dh734 billion).

Still, another reason behind the growing significance of non-oil sectors reflects the drop in oil prices since June 2014. This phenomenon has resulted into lowering the value of oil and gas sector as a proportion of GDP.

On a different note, the NAB puts the latest population estimates at 2.34 million. Of these, some 2 million people come from diverse overseas territories, and altogether compromising 87 per cent of the total. Indeed, there is a strong presence in Qatar of nationals from the Asian continent.

Men comprise three-quarters of the population, and clearly abnormal. This attests to them being dominant in the vital construction sector.

Global trends

Of the total population, some 1.7 million are in the workforce, a notable figure. Not surprisingly, the labor participation rate for those above 15 years was nearly 88 per cent in 2014, in turn exceptionally high by global trends.

According to the World Bank, labor participation rates for the other Gulf countries are as follows: the UAE with 80 per cent, Bahrain at 72 per cent, Kuwait’s 70 per cent, Oman with 67 per cent and Saudi Arabia at 57 per cent. Yet, labor participation in the US, Germany, and Japan average 72 per cent, 77 per cent and 75 per cent, respectively.

It is believed labor participation is not particularly high among locals partly, reflecting the relatively limited participation of females. However, the policy of inviting foreign nationals to join the workforce explains the phenomenon of exceptionally high participation rates.

Undoubtedly, the economic choice of opening the labor market to nationals from all over the world is credited with helping the Qatari economy realize its potentials. Qatar boasts a GDP of around $200 billion, the third largest within the GCC after Saudi Arabia and the UAE.

The writer is a member of parliament in Bahrain.