Ruled by the al-Thani family since the mid-1800s, Qatar transformed itself from a poor British protectorate noted mainly for pearling into an independent state with significant oil and natural gas revenues. These revenues have had enabled Qatar to attain the second-highest per capita income in the world.
Economy - overview
Despite the global financial crisis, Qatar has maintained its economic growth of the last several years. Qatari authorities throughout the crisis sought to protect the local banking sector with direct investments into domestic banks. The drop in oil prices in late 2008 and the global financial crisis reduced Qatar's budget surplus and slowed the pace of investment and development projects in 2009, but GDP growth still registered more than 9% for the year and will likely rebound in 2010. Economic policy is focused on developing Qatar's non associated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar the second highest per-capita income country - following Liechtenstein - and the world's second fastest growing - following Macau. Proved oil reserves of 15 billion barrels should enable continued output at current levels for 37 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, about 14% of the world total and third largest in the world.
GDP (purchasing power parity)
$101.4 billion (2009 est.)
country comparison to the world: 67
$92.62 billion (2008 est.)
note: data are in 2009 US dollars
GDP (official exchange rate)
$93.63 billion (2009 est.)
GDP - real growth rate
11.5% (2010 est.)
country comparison to the world: 2
13.4% (2008 est.)
17.3% (2007 est.)
GDP - per capita (PPP)
$121,700 (2010 est.)
country comparison to the world: 2
$112,300 (2008 est.)
$100,200 (2007 est.)
note: data are in 2009 US dollars
Exports
$37.43 billion (2009 est.)
country comparison to the world: 56
$55.73 billion (2008 est.)
Imports
$20.87 billion (2009 est.)
country comparison to the world: 66
$25.11 billion (2008 est.)
Imports - partners
US 12%, Germany 8.9%, Italy 8.8%, Japan 7.9%, South Korea 7.4%, France 6.2%, UAE 5.4%, UK 4.9%, Saudi Arabia 4.6%, Turkey 4.2%, China 4.2% (2008)
Imports and exports
In 2009, Qatar imports were worth nearly $21 billion. Major import commodities for Qatar included machinery, food, chemicals, transport equipments, building and household. US and Italy accounted for more than 20 percent of Qatar's imports. Other import partners for Qatar included Japan, France, Germany, UK, and UAE. In 2008, Qatar's total exports amounted to $55.73 billion (est.). Liquefied petroleum gas, petroleum products, steel, and fertilizers, were major commodities exported from Qatar to other countries. Major export partners for Qatar were Japan, Singapore, India, Thailand, and UAE.
Future of Qatar
Recent economic boom in Qatar augurs well for the nation. Export of oil and natural gas continues to be a dominant source of revenue for Qatar government. High oil prices have helped Qatar fund its national budget. Economic future of Qatar is likely to be dependent on how it utilizes its huge natural gas and oil reserves.
The Qatar Investment fund has invested in significant long term assets around the world with a treasury in excess of $ 60 Billion.