Qatar's economy dived by more than 23 per cent in the fourth quarter of 2008 but ended the year higher by a staggering 44 per cent because of a surge in oil prices and gas exports, official figures showed yesterday.
From QR83.2 billion (Dh84bn) in the third quarter, the Gulf country's nominal gross domestic product (GDP) shrank to QR77.2bn in the last quarter, a quarterly decline of nearly 23.2 per cent.
But the GDP jumped by about 44 per cent through 2008 to peak at QR372.4bn compared with QR258.6bn in 2006, according to Qatar's Government statistics authority. "The decline in the fourth quarter was a result of a sharp drop in oil prices of around 55 per cent… there was also a similar fall in condensates prices… despite the steady rise in LNG revenues, this sector was negatively affected by the condensates price fall as it receded by 8.3 per cent."
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