Economics of Qatar

Qatar’s Economics (2004-2013)

Introduction

Qatar has been successful in their county’s economic for the pass 10years, achieving a steady growth in their Gross Domestic Product (GDP). GDP of Qatar is highly determined by the changes in prices of oil and their investment into the energy resources area. Oil and natural gas accounts for 50% of the Qatar’s GDP, which has made this country which once depends highly on fishing to one of the country with the highest GDP Per Capita and one of the lowest unemployment rate. For the past 10years, Qatar’s economy was achieving great progress, although being affected by the economic crisis of 2008, but it recovers from it in no time. In this assignment, I am going to talk about Qatar’s economy over the past 10years, using indicators of GDP, unemployment and inflation, and how the government cope with the problems affecting their economy.

Production Output Performance Analysis

(GDP (current US$), 2014)

GDP is the monetary value of all completed products and services provided or produced in a country’s border over a specific time period, and is calculated per annual (Investopedia, 2013). The GDP of Qatar has always maintained an upward trend since 2004 at about 31billion to 115billion in 2008 all these increases are driven by the increase in oil prices, especially the steep increase of 2008 due to oil prices for that year hit a new high level. During 2009 it suffered a fall to 97billion, despite the fall, the GDP manages to recover straight during the following year and continue to increase from 125billion in 2010 to 202billion in 2013. The fall in GDP in 2009 was due to the great economic recession that swept the world and the great fall in oil prices did affecting Qatar (Gulf news, 2009). The increase in GDP in 2010 was due to the increase in oil prices and supported by the investment to expand the country’s gas sector in 2011. The growth slows down during 2012 due to the expansion coming to an end.

(GDP growth...