Ministry of Development Planning Releases Quarterly Estimates of GDP

Doha, April 10 (QNA) - Qatar's Ministry of Development Planning and Statistics (MDPS) released Sunday the preliminary estimates of Gross Domestic Product (GDP) at current and constant prices for the Q4 of 2015. The GDP of the final three months of 2015 was estimated by the Ministry at QR 147.03 billion. The figure represents a decrease of 19.8% compared to the same period of 2014. The GDP was down 0.3% compared to the third quarter of 2015, which the ministry revised to QR 147.54. At constant prices of 2013, GDP for Q4 of 2015 is estimated at QR 200.54 billion, a 4% increase compared to the fourth quarter of 2014. However, compared to the previous quarter of 2015, the GDP shows a decrease of 0.5%. The country's oil and mining sector had a Gross Value Added (GVA) of QR47.73 billion in Q4 of 2015, according to the ministry's estimates. The figure shows a decline of 44.5% compared to the fourth quarter of 2014. GVA fell by 5.6% compared to the third quarter of 2015. The ministry estimates real GVA of this sector in Q4 of 2015 at QR 97.71 billion. This shows a rise of 0.7% over the estimate of Q4 for 2014 of QR 97.02 billion. However, compared to the third quarter of 2015, there has been a decrease of 2.7% in the GVA of this sector. The non-oil sector saw an increase of 2.1% year-on-year, from QR97.27 billion in 2014 to QR99.3 billion in 2015. Compared to estimates of the third quarter of 2015, there was an increase of 2.4%. The real GVA of these sectors in Q4, 2015, totaled QR 102.83 billion, which shows a growth of 7.4% year-on-year. There was a rise of 1.7% compared to the third quarter of 2015. The growth in the Q4, 2015 is mainly due to the increases seen in construction, social services, and financial services. The nominal GVA of manufacturing sector in Q4 of 2015 is estimated at QR 13.77 billion showing a drop of 28% compared to the estimates of the same period of 2014. Compared to the third quarter of 2015, nominal GVA declined 8.3%. The real GVA of this sector is estimated at QR 20.33 billion in Q4, 2015 showing a growth of 3.5% over the estimate of corresponding quarter of 2014. The growth in this sector is primarily explained by the increase seen in the production of petrochemicals and GTL products. The drop y-o-y in the nominal terms is due to falling international prices. The nominal GVA estimate of the construction placed at QR 13.89 billion in Q4, 2015 shows an increase of 14.8% when compared to the estimate of corresponding quarter of 2014 of QR 12.10 billion. The real GVA of the construction sector placed at QR 13.97 billion in Q4, 2015 shows a growth of 20.2% when compared to the GVA of corresponding quarter for 2014 of QR 11.63 billion. Compared to the third quarter of 2015, there has been a growth of 2.7% in the GVA of this sector. As for the Trade, Hotel and Restaurants sectors, The nominal GVA of this group is estimated at QR 15.91 billion in Q4 of 2015 registering an increase of 7.5% compared to the same period of 2014. It also showed an increase of 4.4% compared to the third quarter of 2015. The transport and communications sector for its part generated a nominal value added of QR 6.74 billion in Q4, 2015 against QR 6.39 billion in Q4, 2014 showing a rise of 5.5%. Compared to the previous quarter, Q3 of 2015, a decrease of 1.7% in the GVA estimate has been noticed in this group. This sector generated a real value added of QR 6.60 billion in Q4, 2015 against QR 6.42 billion estimated in Q4, 2014, showing a Y-o-Y growth of 2.8%. However, compared to the previous quarter (Q3 of 2015) estimates, the GVA estimate has dropped by 0.1%. ( The nominal GVA for the Finance, Insurance, Real Estate & Business Services during the fourth quarter of 2015 increased by 8.7% in nominal terms to QR29.14 billion, compared to the fourth quarter of 2014. In real terms, GVA of this group of economic activities is estimated at QR 27.69 billion in Q4 of 2015, showing a growth of 8.2% when compared to the corresponding quarter of 2014 and an increase of 4.9% compared to the third quarter of 2015. The nominal GVA contribution of the Government Services which includes the provision of public health, education and other miscellaneous services is estimated at QR 20.28 billion in Q4 of 2015, which is 9.3% higher than the estimate of Q4 of 2014. The GVA contribution in real terms is estimated at QR 19.31 billion in Q4 of 2015, which is 6.0% higher than the estimate of Q4 for 2014 of QR 18.21 billion. The ministry's report also provided estimates of the expenditure components of GDP namely: Household Final Consumption Expenditure (HFCE), Government Final Consumption Expenditure (GFCE), Gross Capital Formation (GCF), Exports of Goods and Services (F.O.B), and Imports of Goods and Services (F.O.B) for the Q4, 2015. The Household Final Consumption Expenditure (HFCE) in Q4, 2015 has been placed at QR 32.91 billion as against QR 29.58 billion estimated in Q4, 2014, showing an increase of 11.3%. Rising population and the price rise of consumer items in the country have led to this rise. The share of HFCE in the nominal GDP, in Q4, 2015 is estimated at 22.4%. The corresponding figures for Q4, 2014 and Q3, 2015 are 16.1% and 21.1% respectively. The Government Final Consumption Expenditure (GFCE) for Q4, 2015 has been estimated at QR 30.48 billion as against QR 27.60 billion recorded in Q4 of 2014, showing a Y-o-Y rise of 10.4%. The percentage share of GFCE in nominal GDP during Q4, 2015 has been estimated at 20.7%. The corresponding shares for Q4, 2014 and Q3, 2015 have been 15.1% and 20.1% respectively. The Gross Capital Formation (GCF) has been estimated at QR 62.67 billion in Q4 of 2015 as against QR 70.36 billion in Q4, 2014, showing a decline of 10.9%. The percentage share of GCF in nominal GDP during Q4, 2015 has been estimated at 42.6%. The corresponding shares for Q4, 2014 and Q3, 2015 have been 38.4% and 38.8% respectively. The total value of exports (f.o.b.) from the country has been estimated at QR 76.60 billion in Q4 of 2015 as against QR 111.85 billion in Q4, 2014, showing a decline of 31.5%. This Y-o-Y fall in the value of exports during Q4, 2015 is noticed mainly in mineral fuels, lubricants and related materials and it is related to the drop in the international prices of oil and gas. The total value of imports (f.o.b.) in the country has been estimated at QR 55.62 billion in Q4 of 2015 as against QR 56.11 billion recorded in Q4, 2014, showing a Y-o-Y decrease of 0.9%. This Q4, 2015 Y-o-Y decrease in the imports is seen mainly in the imports of services. The percentage share of imports in nominal GDP during Q4, 2015 has been estimated at 37.8%. The corresponding shares for Q4, 2014 and Q3, 2015 have been 30.6% and 36.1% respectively. (QNA)