Qatar economy grows more than 6 percent in 2014
Energy-rich Gulf economy expands by 6.2 percent last year, according to ministry of development planning and statistics.
Al-Arab Online  [Published On: 05/04/2015]
Construction sector expanded 18 percent
DOHA - Qatar's economy grew by more than six percent in 2014, official figures showed, driven by spending on huge construction projects ahead of the 2022 World Cup.

Shrugging off any fears regarding the oil price slump, the energy-rich Gulf economy expanded by 6.2 percent last year, according to the ministry of development planning and statistics.

The strong performance is evidence of "the resilience of the Qatari economy and its ability to withstand the decline in oil prices thanks to its strong macroeconomic fundamentals," the Qatar National Bank (QNB) said in a commentary on the figures.

Qatar has made efforts to diversify its economy away from oil and gas.

A key driver of growth last year was the construction sector, which expanded 18 percent, QNB noted.

Qatar has embarked on a huge $200-billion (190 billion-euro) infrastructure spending splurge ahead of hosting football's premier competition in seven years' time.

Among the major projects Qatar has approved are plans to develop the country's railway network, including the construction of a metro system for the capital Doha and surrounding areas, developing the city that will host the World Cup final, Lusail, and the building of a new port.

Other non-energy growth drivers last year included the financial services and the hotel and restaurant trade.

More in the news
Terrorists target Egypt police in deadly attack near Giza pyramids
Abadi to Iran: Your help is welcome but you must respect Iraq sovereignty
Egypt joins China-based infrastructure bank
Saudi Arabia executes second Indonesian woman
Paris jihadist attacks fuel sixfold rise in Islamophobic acts
Saudi Arabia in new move to cut Kuwait neutral zone oil output
France sees progress in Rafale jet talks with UAE
UN Yemen envoy quits as Saudi-led air war enters fourth week
New round of Iran nuclear talks April 22-23 in Vienna
Yemen urges renegade army units to drop support for Huthis
Entrenched jihadists put full reconquest of Anbar out of reach
Iran holds Obama ‘accountable’ for application of treaties
Support for freedom of speech falls across Middle East
Bombing kills two military cadets in Egypt
Arab coalition considers large-scale drill in preparation for ‘ground assault
Libya calls for Russia support over arms embargo
Turkey vows to ignore any EU genocide resolution
Sudan extends nationwide elections by one day after low turnout
Syria rebels in south reject all forms of cooperation with Qaeda affiliate
Egypt court backs deportation of gay man to ‘safeguard morality’
Obama sees 'serious progress' in fight against ‘Islamic State’
Iran vows 'irreversible steps' on nuclear programme
UN imposes arms embargo on Huthi rebels in Yemen
Jordan raises safety concerns over construction of Israeli airport near Aqaba
Fabius says work remains to be done before final Iran nuclear deal