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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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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.