A recently published report by the Qatari Central Bank announced a drop in both the value of local oil and gas, as well as in the national GDP, according to Al-Sharq Al-Awsat daily.
The product value of the local oil and gas sector decreased to 8.950 billion Qatari riyals in the first quarter of 2001, down from QR 10.01 billion in the fourth quarter of 2000. These figures reflect a 10.6 percent drop, which has been attributed to the decreasing Qatari oil production share in the first quarter of 2001, as a result of new OPEC regulations.
In addition to the drop in the oil and gas sector, a decline of the Qatari GDP was also reported. Originally at QR 16.339 billion in the first quarter of 2000, the GDP dropped to QR 15.226 billion in the first quarter of 2001, reflecting a 6.6 percent decline. — (MENA Report)
© 2001 Mena Report (www.menareport.com )