The quarterly Gross Domestic Product (GDP) in the Q3, 2014 is estimated at QR 193.08 billion, the Ministry of Development Planning and Statistics (MDPS) said today as it released the preliminary estimates of GDP at current and constant prices for the third quarter (Q3) of 2014.
The MDPS added that this represents an increase of 4.1% compared to the estimate of Q3, 2013 placed at QR 185.43 billion. Compared to the previous quarter [Q2, 2014] estimate of QR 189.65 billion, an increase of 1.8% has been noticed.
The real GVA of this sector in Q3, 2014 [QR 36.33 billion], shows a fall of 2.8% over the estimate of Q3, 2013 [QR 37.38 billion]. However, compared to the previous quarter (Q2, 2014) estimate, a growth of 1.3% has been seen in this quarter.
The receding crude oil production and some maintenance shutdowns in Gas plants primarily explain the Y-o-Y fall in the production volume of this sector. Besides this, the reduction in international price levels of crude oil and gases in this quarter has led to a sharper decline in nominal GVA of this sector.
The Y-o-Y growth in the Q3, 2014 is the result of double digit rise seen mainly in electricity, construction, trading, transport & communication, financial sectors and domestic services. The 7% jump in the country’s population in Q3, 2014 is another factor in contributing such a growth.
The higher volumes of production of Petrochemicals, fertilizers, basic iron & steel products and other non-metallic mineral products have led this growth in the manufacturing sector.
The nominal GVA estimate of the construction at QR 10.77 billion in Q3, 2014 shows an increase of 22.9% when compared to the estimate of corresponding quarter [Q3] of 2013 [QR 8.77 billion]. Compared to the previous quarter, an increase of 2.1% has been seen.
The real GVA of the construction sector at QR 12.37 billion in Q3, 2014, shows a growth of 18.5% when compared to the GVA estimate [QR 10.44 billion] of the corresponding quarter [Q3] of 2013. Compared to the previous quarter, a growth of 1% has been registered.
The Y-o-Y double digit growth is primarily due to rising production volume seen in this quarter. Major public investments in this sector especially in the infrastructure related projects continue to impact the growth in this sector.
The nominal GVA of the Trade, Hotel and Restaurants group is estimated at QR 14.07 billion in Q3 of 2014 registering an increase of 14.6% over the GVA estimate [QR 12.28 billion] of the corresponding quarter [Q3] of 2013. Compared to the previous quarter (Q2, 2014) estimates, there has been an increase of 21.7%.
The real GVA of this sector is estimated at QR 9.05 billion in Q3, 2014, recording a growth of 13.7% over the GVA estimate [QR 7.96 billion] of the corresponding quarter [Q3] of 2013. Compared to the previous quarter (Q2, 2014) GVA estimate of QR 7.48 billion, there has been a growth of 20.9% in this sector.
This double digit rise in this group during Q3, 2014 has resulted from the high trading and hospitality activities seen in the Ramadan period, a seasonal phenomenon. Rising population is another factor of high growth.
The Transport and Communication sector generated a nominal value addition of QR 7.26 billion in Q3, 2014 against QR 6.45 billion in Q3, 2013 showing a rise of 12.6%. Compared to the previous quarter [Q2, 2014], an increase of 11.4% in the GVA estimate has been noticed in this group.
Real value addition in this sector has been QR 6.85 billion in Q3, 2014 as against QR 6.20 billion estimated in Q3, 2013. It shows a growth of 10.5%. Compared to the previous quarter (Q2, 2014) estimates; the GVA estimate has grown by 11.7%. Both transport and communication services have shown growth both on [Y-o-Y] and [Q-o-Q] basis.
The nominal GVA of the Finance, Insurance, Real Estate & Business Services group of economic activities is estimated at QR 26.95 billion in Q3 of 2014, showing an increase of 19.9%, (primarily due to rise in banking and real estate sectors) when compared to the corresponding quarter (Q3, 2013) estimate of QR 22.48 billion. However, compared to the previous quarter, Q2 of 2014, a decrease of 1.8% in the GVA estimate has been recorded.
The real GVA of this group is estimated at QR 12.82 billion in Q3, 2014, showing a growth of 13.7% when compared to the corresponding quarter (Q3) estimate of QR 11.28 billion in 2013. However, compared to the previous quarter (Q2, 2014), a fall of 1.9% in the GVA of Q3 of 2014 has been noticed.
The nominal GVA contribution of the “Government Services” which includes the provision of public health, education and other miscellaneous services is estimated at QR 19.15 billion in Q3 of 2014, which is 9% higher than the estimate [QR 17.57 billion] of Q3, 2013. Compared to the previous quarter (Q2, 2014) estimates, the GVA estimate has risen by 1.2%.
The real GVA contribution of the “Government Services” is estimated at QR 11.60 billion in Q3 of 2014, which is 8.7% higher than the estimate of Q3 of 2013 (QR 10.68 billion). Compared to the previous quarter (Q2, 2014) estimates; the GVA estimate has grown by 1.2%.
Source : Qatar News Agency
