An economic report issued recently in Doha ranks Qatar first among the Gulf states in terms of gross domestic product (GDP) for the year 2000, reported the official Kuwait news agency, KUNA.
The agency noted that Kuwait ranked third on the list.
Citing the report, issued by Qatar National Bank, the agency said that Qatar came first with a GDP of $16.4 billion at a 34.9 percent increase compared to 1999.
The report attributes the increase to the rise in oil prices last year.
According to the study, Qatari oil exports were also a factor as they had increased from 625 barrels per day (bpd) to 696 bpd, which made an increase of 11.4 percent.
Another factor was also the increase of Qatar’s exports of liquefied natural gas from 5.5 million metric tons in 1999 to 11 million metric tons in the year 2000 at a colossal increase of a full 100 percent.
This last factor, says the report, was of great effect as it had coincided with an increase in prices from an average of $3.25 to $5.85 over the same period at an increase of 80 percent.
The petroleum and gas sector is the main source for the Qatari economy and is growing.
The agency did not provide details on the other four Gulf states, which also witnessed a boost in income due to the rise in oil prices, with the price of each barrel reaching as high as $38 – Albawaba.com
