Oil, gas and upstream and downstream industries resources are the mainstay of the Qatari economy. The economic policy of the state aims to invest the returns of oil and gas in economically profitable projects and in establishing a solid industrial base. It adopts new approaches in the field of economic and trade liberalization with a view to enhance and expand foreign capital investments and the private sector.
Qatar economy is considered one of the fastest growing economies in the world and it maintained high growth rate by virtue of the huge increase in oil prices in 2006-2007 as the GNP witnessed another record growth during the year 2007. This has been an extension to the record growth rate achieved in the last four years where the GNP jumped to QR258.6bn in 2007 compared to QR115bn in 2004, an increase with the rate of 33.7%. This increase in GNP is attributed to the increase in oil prices and consequently an increase in the revenues accrued from it. Beside this, there was a considerable increase in gas production and exportation, completion of the giant natural gas projects and increase in non-oil products. Oil prices increased during 2007 by the rate of 50% and reached an annual average of $71 per barrel compared to $64.3 per barrel in 2006 and increase in natural gas exports which reached 30 million tons compared to 25 tons in 2006.
Oil and gas, construction and building, and financial services and real estate topped the economic sectors with outstandingly higher growth rates in 2007 in comparison to the results of 2006. The growth of these sectors is attributed to the continued increase in oil prices in the international markets and the boom witnessed by the construction, real estate and financial services. Oil and gas sector continued to achieve steady growth rates during 2007 to rest on 146.1 billion Qatari riyals, up by 28 billion Qatari riyals.
It is noticed from the detailed data that non-oil sectors have registered a
noticeable growth rates in 2007. Commodity production growth rate increased in real productivity value by more than 24.7 billion Qatari riyals or about 26.8% to stand to 116 Billion Qatari Riyal giving the sector about 47.6% share of the total productivity value of the non-oil sectors.