Diversification is key to growth for any country and its economy. If any nation is dependent on one particular sector, the growth will get stagnant after a point of time. The best example of how diversifi-cation can really push one country’s growth trajectory is of Qatar. Especially after the unjust siege im-posed on this great nation without any reason by a few countries has made Qatar a really diversified and stronger economy.
Qatar is mainly a natural gas abundant nation and its main revenue come from this sector. But the re-cent data shows that Qatar has really made a giant leap in the diversification of its economy.
The total value of Qatar’s non-oil exports in 2017 was QR18.1bn distributed to about 66 countries. And Qatar’s non-oil export has recorded a significant increase of 2.2% to QR2.2bn in February 2018, compared to January 2018 when it was QR2.1bn. The trend was similar in earlier months too when Qatar’s non-oil export value recorded a significant increase of 62.4% to QR2.1bn in January 2018, compared to December 2017.
The growth in non-export value recorded 56% rise in January year-on-year.
In February, Qatar exported goods and services to about 62 countries, compared to 59 in January. Countries receiving Qatar’s non-oil exports included 12 Arab countries and GCC, 13 European countries including Turkey, 17 Asian countries (excluding Arab countries), 17 African countries (excluding Arab countries), three countries of North and South Americas.
Oman is still Qatar’s top non-oil export destination in January accounting for QR 1.2bn, or 54.4%, of the total exports. It was followed by Hong Kong with almost QR 121.9m, or 5.6%, and Germany with QR118.9m, or 5.5%. Turkey came in fourth place with almost QR104m, or 4.8%, followed by Switzerland with QR98.6m, or 4.5%. The Netherlands was in the sixth place followed by India, Indonesia, Bangla-desh and China.
Despite the ongoing siege, the successes achieved by Qatar’s economy through far-sighted approach and various diversification programmes resulted in the rise of the GDP during 2017 to reach about $220bn, compared with about $218bn in 2016, and in the real growth rate of GDP at constant prices touching 2% in 2017. According to the latest World Bank reports, Qatar’s real GDP growth is expected to rise to about 2.6% this year.
The surge in non-oil exports is emanated from the prudent policies and the wise leadership’s support to the private sector which plays a key role in the economic process and becomes a major mainstay of Qatar trade exchange with world countries. This shows that Qatar has successfully managed to over-come repercussions of the unjust blockade.
