Qatar is an independent Arab country located in the Middle East and has a population of 2.7 million people. It is one of the world’s wealthiest countries and has a strong economy based on oil and gas reserves, which account for more than 70% of its gross domestic product (GDP). The country also benefits from a large expatriate population, which makes up around 80% of the total workforce.
According to cheeroutdoor, Qatar’s economy is heavily reliant on its oil and gas reserves, with crude oil accounting for more than 55% of total exports and natural gas making up nearly 45%. Qatar is the world’s largest exporter of liquefied natural gas (LNG) and has been able to use its resources to diversify its economy by investing in industries such as petrochemicals, fertilizers, steel production, financial services and tourism.
The government has taken steps to encourage foreign investment by offering incentives such as tax holidays and free zones to encourage businesses to set up operations in Qatar. This has helped attract investors from all around the world who are looking for access to Qatar’s resources or a base from which to operate their businesses in the region.
In recent years, Qatar has invested heavily in infrastructure projects such as roads, railways and ports that have helped connect the country with other markets in the region. This investment has opened up new opportunities for trade between Qatar and other countries in the Middle East, Asia Pacific region and beyond. Additionally, Qatar has opened up its banking sector by allowing foreign banks to open branches within the country while also allowing foreign investors access to local stock markets through direct investments or through mutual funds.
The government also provides subsidies on basic goods such as food items while providing financial assistance programs for those who are unable to work due to illness or disability. Additionally, it provides free education for citizens up until university level while also offering free health care services at public hospitals throughout the country.
Overall, Qatar’s economy is highly dependent on its oil and gas reserves but it has made significant progress towards diversifying away from these resources by investing heavily in infrastructure projects as well as encouraging foreign investment into different sectors within its economy such as manufacturing, finance and tourism. These efforts have enabled Qatar to become an attractive destination for investors looking for access to resources or a base from which they can operate their businesses in an increasingly competitive global market place.
Since Qatar has few exploitable natural resources and less than 1 percent of its land is suitable for agriculture, Qatar was one of the world’s poorest countries before oil was discovered in 1939. Traditional business was based primarily on fishing, pearl fishing and some nomadic livestock management. Exploitation of oil and gas deposits has since made Qatar one of the world’s richest countries, measured in per capita GDP.
|Gross domestic product (GDP)||$ 339,500,000,000|
|GDP growth rate||1.60%|
|GDP per capita||$ 124,100|
|GDP by sector|
|Proportion of the population below the national poverty line||–|
|Distribution of household income|
|Industrial production growth rate||1.50%|
|Investment volume||32.6% of GDP|
|National debt||53.80% of GDP|
|Foreign exchange reserves||$ 16,890,000,000|
The state influence on the economy is significant. The oil sector was nationalized in 1976, and the state owns all agricultural land and is responsible for most of the other economic activities. The private sector is mainly in the trade and service industries; Qatar has developed into an important banking center. However, the state has tried to increase the private sector’s share of the economy.
Note: the capital city of Qatar is Doha with a population of 1.3 million suburban residents (2014 estimate). Other major cities include Rayyan with a population of 388,500 (2010 estimate).
Abbreviated as QAT by abbreviationfinder.org, Qatar is a prominent oil country; oil production contributes one third to the country’s GDP. In recent years, however, the importance of natural gas production has increased and natural gas deposits are among the largest in the world. To reduce oil and natural gas dependence, Qatar has invested in developing a heavy, capital-intensive industry with natural gas as an energy source. Umm Said, the country’s leading industrial city, produces manure, steel, cement and refined petroleum products. Doha has small-scale, lighter textile, food and furniture industries. Demand for water is high, and important plants for electricity generation and desalination of seawater are located in Ras Abu Abud and Ras Abu Fontas.
- COUNTRYAAH: Find major trading partners of Qatar, including major exports and major imports with latest trade value and market share as well as growth rate.
As long as oil and natural gas demand is high, Qatar will have a surplus in the trade balance. Oil is still the most important export commodity, but the importance of gas exports has increased in recent years. In addition to oil and gas, smaller quantities of steel and manure are exported. The most important markets are Japan, South Korea and India. Imports mainly comprise machinery, transport and food. It comes primarily from the United States, China and the United Arab Emirates.
History. – Independent since 1971, this small hereditary monarchy overlooking the Arabian Gulf has had to face the ups and downs of oil production and sales and the echoes of the Iran-Irāq conflict, which from 1980 to 1988 deeply agitated the entire sector. A very troubled year for the Qatar was 1986, when the drop in revenues due to the drop in the price of oil was joined (April-June) by a dispute with the Baḥrain that reached the brink of a military test of strength due to the attempt of the neighbor. emirate to occupy and fortify the island of Fasth al-Dibal. The mediation of Omān, the United Arab Emirates and Saudi Arabia allowed the dispute to be resolved. It was therefore possible to start the exploitation of the North Cape gas reserve thanks to agreements with French and US companies, and study the design for a large desalination plant in al-Wusayl. Of conservative orientation, the Qatar, under the leadership of H̱alīfa bin Ḥamad Āl Tānī, in June 1987 concluded agreements with France for the supply of weapons, and since 1991 for the exploitation of new oil fields off the coast of the country. Committed to the liberation of Kuwait in the war against ῾Irāq, active in the Gulf Cooperation Council, strong ties with Saudi Arabia, the Qatar sees its ruling classes – notables, businessmen and industrialists – operate actively for the development of the national territory; in particular it is due to their initiative the multiplication not only of luxurious residential centers, but also of agricultural plants and for the breeding of livestock.