The provisional estimate of current price GDP for the fourth quarter was QR 83.2 billion, up from QR 77.2 billion in the same quarter of 2007. For the full year 2008, nominal GDP was up by 44.0 percent at QR 372.4 billion, compared to QR 258.6 billion in 2007.
In seasonally unadjusted terms, however, current price GDP in the fourth quarter of 2008 was 23.2 percent lower than in the third quarter. The main reason for this decrease was a 31.1 percent decline in the value of output from the mining and quarrying sector which is dominated by the oil and gas related activities.
Major factors affecting the oil and gas sector were a fifty-five percent fall in the average price for crude oil between the third and fourth quarter of 2008, and a similar decrease for condensates. Oil production was also down for the quarter.
Offsetting the steady increase in LNG output, the gas sector was affected by the significant drop in condensate prices leading to an overall decrease of 8.3 percent when compared to the previous quarter.
For the year as a whole, output of the mining and quarrying sector was up 56.8 percent compared to 2007, with a growing contribution from the liquefied natural gas (LNG) industry.
The manufacturing sector dipped sharply in the fourth quarter by 30.4 percent. Nevertheless, for 2008 as a whole it increased by 32.4 percent over 2007. Downstream hydro-carbon related activities included in the manufacturing sector were also affected by a significant downturn in prices.
The construction sector grew by an estimated 5.2 percent comparing the fourth and third quarters of 2008, and by 24.1 percent on an annual basis.
The electricity, gas and water supply sector declined slightly by 2.3 percent in the fourth quarter of 2008 when compared to the third quarter, due largely to a normal seasonal decline in demand, but was up by 26.0 percent on an annual basis.
The finance, insurance, real estate and business services sector declined by 1.6 percent when compared to the previous quarter but was up by 16.2 percent on an annual basis.
QSA stated that the fourth quarter estimate of nominal GDP is provisional and that the GDP estimates are available on their website www.qsa.gov.qa, all inquiries are welcomed.
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