Qatar on Sunday lifted its forecasts for economic growth and inflation next year, saying a decline in oil and gas output was now expected to be less than originally thought.
Gross domestic product, adjusted for inflation, is now forecast to expand 4.8 per cent in 2013, instead of the 4.5 per cent which authorities predicted in June this year, the General Secretariat for Development Planning said. GDP is estimated to grow 6.3 per cent in 2012.
Consumer price inflation is now projected to rise to 3.5 per cent in 2013 from two per cent this year, the secretariat said in a statement. In June, it had predicted 2013 inflation of only 2.5 per cent.
The world’s biggest LNG exporter has raised its forecasts for economic growth this year and in 2013 as the non-energy industries expand. Qatar’s economic expansion is based on “robust” growth in the non-oil and gas industries, the government body said. The government forecasts 9.3 per cent growth in those industries this year, and 9.6 per cent in 2013. The government revised its 2012 nominal GDP to 14.7 per cent from 11.2 per cent. Qatar plans to spend $138 billion on infrastructure from 2011 to 2016, the government said on Sunday. The nation’s 2012 fiscal surplus is estimated at 7.9 per cent of GDP, and 5.3 per cent of GDP in 2013.