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Qatari Economy Achieves Real Growth of 8%

This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
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Qatari Economy Achieves Real Growth of 8%

This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)

The Qatari economy achieved a real growth rate, constant prices, of 8 percent during the Q4 of 2022, year on year, compared to the same period of 2021.

Data revealed by the Planning and Statistics Authority on Tuesday showed that the quarterly gross domestic product (GDP) estimates at constant prices reached about $49.4 billion in the fourth quarter of 2022, compared to the revised fourth-quarter estimates for 2021 of $45.7 billion.

The same data revealed a 2.7 percent increase quarterly, compared to revised estimates for the third quarter of 2022, amounting to $48.1 billion.

The GDP at current prices jumped 26.2 percent annually, reaching $60.5 billion in the fourth quarter of 2022, compared to the revised fourth-quarter estimates for 2021, which amounted to $47.9 billion dollars.

Compared to the revised estimates for the third quarter of 2022, which amounted to $63 billion, the gross domestic product recorded a four percent decrease.

The nominal gross value added (GVA) of mining and quarrying sector activity is estimated at $25 billion, up 43.4 percent, compared to revised estimates for the fourth quarter of 2021, which amounted to $17.4 billion.

The real GVA of these activities is estimated at $17.6 billion in Q4 2022, which shows an increase of 4.8 percent compared to the estimate for Q4 2021, which was $16.8 billion.

Compared to the Q3 2022 revised estimate of $17.6 billion, a decrease of 0.3 percent in the real GVA of this sector was also recorded.

The nominal GVA of non-mining and quarrying activities is estimated at $35.4 billion in Q4 2022, which shows an increase of 16.4 percent over the estimate of Q4 2021, amounting to $30.4 billion.

The previous quarter's Q3 2022 revised estimate of $33.76 billion recorded an increase of 5.1 percent.

The real GVA of non-mining and quarrying activities is estimated at $31.8 billion in Q4 2022, which shows an increase of 9.9 percent over the estimate of Q4 2021, amounting to $28.96 billion. Compared to the Q3 2022 revised estimate of $30.47 billion, an increase of 4.4 percent was also recorded.

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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)

European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU's Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper.

Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said.

"All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials," Sejourne was quoted as saying on Monday.

The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential to its competitiveness in the energy transition as well as defense and aerospace.

The announcement followed China's decision in April to impose export curbs on rare earth magnets until new licenses are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.

Sejourne also warned Beijing that the EU has the tools to defend itself in a potential trade war. "Europe must finally use the same weapons as its competitors," he said.

China in June said it attached great importance to the EU's concerns and would look into speeding up the approval process to ship rare earth exports to the EU.