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Real estate in Qatar - A growth story: The economic background

Qatar’s burgeoning economy has tripled in size over the past four years. A drive to diversify has achieved striking results in reducing dependence on oil and gas.

Real estate in Qatar - A growth story: The economic background

The Qatari financial services sector

A burgeoning real estate sector

In recent years, Qatar’s story has been one of breathtaking economic growth. Between 2003 and 2006 alone, nominal GDP growth averaged 24.6%, bringing GDP to $52.7 billion, meaning that in those four years the economy tripled in size. The result, according to a recent Standard & Poor’s report, is that GDP per capita reached $57,000 in 2007, compared with $27,000 as recently as 2002. That makes Qatar one of the world’s wealthiest nations, closing the gap on the leaders in the most recent ranking published by the IMF – which made Luxembourg the richest country, with a GDP per capita in 2005 of just over $80,000, followed by Norway ($64,193).

Other macroeconomic yardsticks paint a similarly impressive picture of Qatar’s recent economic development. The fiscal balance, which was in deficit throughout much of the 1990s, has recorded an average surplus of almost 8% of GDP since the start of this decade. The current account deficit has also swung from being in deficit in the 1990s to a surplus of more than 30% of GDP in 2006.

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