gulfnews : Oil plays excessive role in Qatar economy

Latest available statistics point to increasing rather than decreasing significance of the petroleum sector, both oil and gas, in the Qatari economy. Certainly, this is no positive piece of news, as it places prosperity of Qatari economy at the mercy of developments in the volatile oil market.

Determination of a formula for oil prices is not an exact science by virtue of it being affected by diverse factors including socio-political and socio-economic developments on a global level including Libya's clashes and Greece's debt problem.

According to the March 2011 issue of the Quarterly Statistical Bulletin published by Qatar Central Bank (QCB), the petroleum sector contributed 57 per cent to the gross domestic product (GDP) in 2010, up from 46 per cent in 2009.

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