Some of the heat seems to be going out of the Qatari economy, as the rate of expansion is expected to ease back to single figures over the next few years. However, the more modest growth forecast by analysts will still place the country among the global leaders, Global Arab Network reports according to OBG.
Data issued by the Qatar Statistics Authority at the end of September showed that GDP expanded by 5% year-on–year (y-o-y) in the second quarter of 2012, down from the 6.9% growth recorded in the first quarter. Much of the activity in the second quarter was driven by the non-energy sector, with the communications sector’s contribution to GDP growing 18%, financial services posting a 12.1% rise and the construction industry – buoyed by the state’s increased investments in infrastructure – advancing by 10%. By contrast, the hydrocarbons sector expanded just 0.8% y-o-y in the second quarter of this year.
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