Qatar GDP rises 15% on oil and gas

Dubai: Qatar's nominal gross domestic product, the value of goods and services produced at current prices, increased 15 per cent in the first quarter from the previous three months to 84.3 billion Qatari riyals ($25.2 billion).

The growth was led by the oil and gas industry, which increased 14 per cent to 51.1 billion riyals, or 61 per cent of the economy, the Qatar Statistics Authority said on its website yesterday.

Qatar is owner of the world's third-largest natural gas reserves, and 2.2 per cent of proven oil reserves, and has benefited from a four-fold increase in energy prices over the last five years.

Qatar's nominal GDP will reach $98.3 billion by the end of 2008, according to a Bloomberg economist survey.