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 108 Billion QR is the Gross Demotic Product during the 3rd  quarter 2008

 The Qatar Statistics Authority released the estimate of GDP at current prices for the third quarter (i.e. July to September) of 2008 by economic activity. Preceding the more recent impacts of the international financial crisis, GDP in the third quarter showed very strong growth

Crude oil prices were around four percent lower in the third quarter when compared to the second quarter but still up by 61 percent on the third quarter of 2007.

Overall GDP for the third quarter was up by 63 percent on the same quarter of 2007. Quarterly GDP was QR 108.39 billion, up from QR 66.56 billion in the third quarter of 2007. Comparing the total of the first three quarters of 2008 to the same three quarters of 2007, the increase was 59 percent or QR 107.79 billion.

The oil and gas sector contributed seventy three percent of the quarterly growth in GDP, the largest share coming from the gas sector which alone contributed nearly half of the quarterly (Q3/Q3) growth to Qatar’s GDP. Contributing much of the growth in the gas sector in 2008 has been the addition of revenues from pipeline gas and increasing prices for LNG as well as associated output of condensates and LPG’s.

Growth in the construction sector’s value added was restrained due to increased costs of materials but still recorded a twenty percent increase over the third quarter of 2007 and a 26 percent increase in the year to date when compared to the first three quarters of 2007.

The transport and communications sector recorded a 55 percent increase in quarterly value added due to growing demand and a wider variety of communication services along with increased transportation activities related to the general increase in most sectors.

The manufacturing sector consists mostly of downstream hydro-carbon activities and industry related to the construction sector and was up by 68 percent when comparing to the third quarter of 2007. Exceptionally large growth (percentage wise) was seen in steel and fertilizer manufacture. Revenues from the petrochemical and refined petroleum products sectors grew significantly and contributed towards the QR 3.4 billion increase in the manufacturing sector’s quarterly growth.