Qatar's economic growth is projected to hit 9.8 percent in 2012 after it posted strong 19.9 percent growth in 2011 due to the completion of the gas liquefying project and other related projects, along with higher oil prices and increased production in non-oil sectors, stated the International Bank of Qatar (IBQ).
Liquefied gas production, the major driver of the Qatari economy in the last decade, reached its maximum level of 77 million tons in 2011. Qatar also has made great progress in producing and marketing gas derivatives such as petrochemicals and fertilizers.
Gas production is expected to grow 7 percent in 2012 while oil production will most likely keep to its current level of 0.8 million bpd in the next two years.
Qatar is also making great endeavors to diversify its economy through broadening and developing the non-oil sector as is outlined in the national development strategy 2011-2016 and Qatar's national vision of 2030.
The country is also set to spend a total of $125 billion, $65 billion of which is from the government, on infrastructure over the next five years. These ambitious infrastructure projects will give momentum to non-oil sectors, particularly financial services, trade and tourism. (Source: english.nuqudy.com)
