Business | Economy
Qatar predicts 16% GDP growth in 2010-11
Hamad is optimistic for gas-rich economy despite unfavourable conditions at global level
- Reuters
- Published: 00:00 March 26, 2010
- 18.5% GDP growth predicted by IMF for Qatar this year
- 77.4m tonnes of LPG expected to be produced by 2011
Paris: Qatar's gas-rich economy is expected to grow by 16 per cent in 2010-11, Prime Minister Shaikh Hamad Bin Jasem Al Thani told an investment forum yesterday.
"Despite the unfavourable headwinds at the global level, the Qatari GDP has grown 11 per cent in 2009 and we are forecasting growth of 16 per cent in 2010-2011," Shaikh Hamad said.
Outperform
The fiscal year in Qatar starts in April. The economy in Qatar, the world's largest natural gas exporter, is expected to outperform that of its fellow Gulf oil producers in the coming years due to massive expansion of its gas facilities.
The International Monetary Fund (IMF) expects Qatar's GDP to expand by 18.5 per cent this year and has warned against a risk of potential overheating. Analysts polled by Reuters forecast growth at 16.1 per cent in 2010.
Shaikh Hamad also confirmed it expected to boost its liquefied natural gas production capacity to 77.4 million tonnes per year by 2011 from 56 million tonnes currently.
"The investments necessary to obtain this increase are being made," Shaikh Hamad said. "More than 40 per cent of the budget this year will be dedicated to infrastructure projects."
Qatar has said it would increase its LNG output capacity thanks to the start up of two giant new liquefaction plants and by revamping existing facilities, mainly targeting China and India's energy-hungry economies for LNG sales.
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