The Qatari Economy Continues to grow despite the Effects of Corona

  • Doha, State of Qatar
  • 26 January 2021

The Qatar Chamber issued the monthly economic bulletin for January 2021, which included an analysis of the most prominent trends in the Qatari economy, as well as a report on the statistics related to Qatar's foreign trade and private sector trade for November 2020.

The Chamber touched on the report issued by the International Monetary Fund, which expected Qatar’s GDP to grow by about 2.7% during 2021, with the support of increased gas production and the recovery of domestic demand, and the economy’s ability to quickly recover from the repercussions of the Corona pandemic. The Fund praised the rapid response of the Qatari authorities to take the immediate and necessary policies to confront the virus, which mitigated the severity of the economic and social impacts, as what happened in most economies at the regional and global levels.

The report indicated that according to the data of the Planning and Statistics Authority in the State of Qatar, the total volume of foreign merchandise trade for the month of November amounted to about 24.1 billion riyals, an increase of 2.1%, compared to its volume during the month of October, when its value was 23.6 billion riyals.

This increase was the result of an increase in the value of exports, as the total value (locally origin and re-export) reached about 16.6 billion riyals during the month of November, an increase of 8.5% over its value in the month of October, when it reached about 15.3 billion riyals at that time. As for imports, their total value amounted to about 7.5 billion riyals, a decrease in their total value by 9.6% from what they were in the month of October, when they reached about 8.3 billion riyals at that time.

The trade balance achieved in November 2020 a surplus of about 9.1 billion riyals, recording an increase of 30% over the month of October 2020, during which the trade balance achieved a surplus of about 7 billion riyals.

Source (Al-Araby Al-Jadeed Newspaper, Edited)