The quarterly nominal gross domestic product (GDP at current prices) in the second quarter of 2014 was estimated at QR189.65bn, up by 6.6 percent compared to the estimate of QR177.83bn in the corresponding quarter in 2013, preliminary data released by the Ministry of Development Planning and Statistics (MDPS) showed yesterday.
However, when the nominal GDP of Q2, 2014 is compared to the previous quarter (Q1, 2014) estimate of QR193.88bn, GDP has declined by 2.2 percent.
While the real GDP (at constant prices of 2004) in the Q2, 2014 stood at QR93.86bn, witnessing a growth of 5.7 percent compared to the estimate of QR88.80bn in Q2, 2013. However, when compared to the previous quarter (Q1, 2014) estimate of QR94.09bn, there has been a marginal decline of 0.2 percent.
The nominal Gross Value Added (GVA) estimate of Mining and Quarrying (including Oil and Gas) sector in Q2, 2014 was QR96.72bn, registered a marginal growth of 0.8 percent over the estimate of Q2 2013, placed at QR95.96bn. However, when compared to the previous quarter (Q1, 2014) estimate the contribution of this sector declined by 6.3 percent.
The real GVA of the sector in Q2, 2014 was QR35.87bn, which witnessed a decline of 2.2 percent over the estimate of QR36.67bn in Q2, 2013. When compared to the previous quarter (Q1, 2014) estimate, it declined by 2.5 percent.
The receding crude oil production and some major maintenance shutdowns in Natural Gas Liquid (NGL) and Liquefied Natural Gas (LNG) plants primarily explain the decline in the production volume of this sector. Besides this, reduction in international price levels of crude oil in this quarter has led to a decline in nominal GVA of this sector, while the estimates were compared with previous quarter.
The nominal GVA estimate of Non-mining and Quarrying sector in the Q2, 2014 has been placed at QR92.93bn, which showed an increase of 13.5 percent over the estimate of QR81.87bn in Q2, 2013. When compared to the previous quarter estimate (Q1, 2014), there has been an increase of 2.5 percent. The real GVA of these sectors in Q2, 2014 totaled QR57.99bn, which showed a growth of 11.3 percent over the estimated GVA of QR52.13bn in the corresponding quarter last year. The quart-on-quarter growth was 1.2 percent.
The year-on-year growth in the Q2, 2014 was due to a double-digit rise witnessed mainly in electricity, construction, trading, hospitality and financial sectors, coupled with over 11.3 percent jump in the country’s population in Q2, 2014. The nominal GVA of manufacturing sector was estimated at QR19.44bn, witnessed 7.2 percent growth over the estimate of QR18.14bn in the corresponding quarter (Q2) last year. When compared to the previous quarter (Q1 2014) estimate, an increase of 4.5 percent was noted.© Copyright - Peninsula Qatar