Qatar's gross domestic product (GDP) dropped by 1.8 percent in 2001 compared to the year before. The nation’s Central Bank attributed the drop to the fall of oil prices, reported the official KUNA news agency.
Qatari financial analysts believe that the drop in the GDP is linked to the collapse of the international economy following the September 11 attacks on the United States, said KUNA.
Despite the 3.5 percent growth rate in Qatar’s non-oil sectors, Qatar's crude oil averaged $23.6 per barrel in 2001, down 13 percent from the previous year. As the world’s second largest liquified natural gas (LNG) exporter after Indonesia, Qatar relies on oil and gas for 90 percent of its revenues. In 2001, its LNG income exceeded three billion dollars.
The Qatari government expects the economy to achieve stable growth over the next few years as billions of dollars will be invested in new LNG projects to attain a targeted production of 30 million tons per year. — (menareport.com)
© 2002 Mena Report (www.menareport.com )