Non-hydrocarbon sector significant element in NDS3

Doha, Qatar: Qatar s economy has grown by 1.7 percent, while the GDP of hydrocarbon and non hydrocarbon augments by 1.4 percent and 1.9 percent respec...

Doha, Qatar: Qatar’s economy has grown by 1.7 percent, while the GDP of hydrocarbon and non-hydrocarbon augments by 1.4 percent and 1.9 percent respectively.

In a press conference yesterday, the Minister of Finance H E Ali bin Ahmed Al Kuwari unveiled the key economic drivers and highlighted insights on revenue and expenditure figures, and sector allocations among others.

The Minister said “This is very important for us because we know that the most important element in the Third National Development Strategy (NDS3) of Qatar is diversification and to be a non hydrocarbon sector and reliance on other sectors like the knowledge base, health, education, industries and tourism.”

“If we look now to the economic growth for the first quarter and second quarter of this year, we will find out that the growth was 1.1 percent for the first half of the year, but we have noticed that the non hydrocarbon sector has led this increase with 2.2 percent, Minister Al Kuwari explained.

While the hydrocarbon sector showed a slight decrease due to the maintenance and contracts, the non hydrocarbon sector is leading the growth and is going by the expectation, said the Minister.