#Qatar's economy shrinks 3.9% in fourth quarter of 2020 | Reuters

Qatar's economy shrinks 3.9% in fourth quarter of 2020 | Reuters

Qatar’s economy contracted by 3.9% in the fourth quarter of 2020, government data showed, with transportation and storage activity plummeting 32.8% and construction down nearly 5%.

Gross domestic product, based on constant prices, also fell on a quarterly basis, decreasing by 0.5% in the fourth quarter, the Planning and Statistics Authority said in a statement.

GDP shrank 4.5% in the third quarter on annual basis but grew 5.6% compared to the previous three months.

In December, the International Monetary Fund projected Qatar’s GDP contraction in 2020 at 2.5%. It projected a rebound to growth of 2.7% in 2021.