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The provisional estimate of current price GDP for the quarter was QR
70.9 billion, down 17.5 percent from the revised estimate of QR 85.9
billion for the first quarter of 2008.
The QSA said that they had revised the four quarterly estimates for
2008 based on more up to date data. QSA reminded analysts that the
quarterly GDP were subject to revisions due to the short term basis
of the statistical series. GDP growth for 2008, compared to 2007 had
been revised downwards to 40.9 percent from the 44.0 percent
previously published.
In seasonally unadjusted terms, current price GDP in the first
quarter of 2009 was 8.7 percent lower than the fourth quarter of
2008. The main reason for this decrease was the contractionary
impacts of the international financial crisis in major export
markets and a substantial knock-on effect on demand for Qatar’s
hydro-carbon related exports. Steep falls in hydrocarbons prices
have also dented current price estimates of GDP.
The Statistics Authority also said that the quarter also reflected
the difficult conditions in other areas such as financial services,
construction, transportation and wholesale/retail trade. Major
construction projects kept the construction sector’s growth up
recording a 20.7 percent increase when compared to the first quarter
of 2008 but the underlying trend growth is slowing with only a 2.9
percent increase recorded over the fourth quarter of 2008.
The electricity, gas and water supply sector grew by 12.6 percent in
the first quarter of 2009 when compared to the first quarter of 2008
reflecting increased electricity and water supply.
QSA stated that the National Statistical Development Strategy called
for continuous improvement in the collection and reporting of
economic data for the benefit of all stakeholders in Qatar’s
economy.
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