Qatar is progressing well on the path to diversify economy. According to a report by Qatar Chamber, Qatar’s non-oil export has recorded a significant increase of 68 percent to QR2.27bn in April 2018, compared to March 2018 when it was QR1.35bn, and an increase of 71% compared to April 2017.
The record increase in non-oil exports during the past month by such a huge percent compared to the same period last year is a real indicator of the development in the non-oil exports sector, which has been growing at an accelerated pace since the beginning of this year thanks to the efforts made during the last year and the facilities provided to the industrial sector.
According to the monthly report of Qatar Chamber, which prepares certificates of origin issued by the Chambers Research and Studies Department and Member Affairs Department, a total of 3,068 certificates of origin were issued in April 2018, including 2,812 general form certificates, 99 unified GCC certificates (industrial), 129 unified Arab certificates of origin, and 28 certificates of origin for preference.
The volume of exports during April is a real indicator that confirms the efforts of the State in the development of the industrial sector and increasing the capacity and efficiency of its productive institutions despite the challenging environment.
The exports in April recorded substantial increase compared to the previous months, which means that Qatar’s non-oil exports are not affected by the unjust siege.
According to the report, Qatar exported goods and services to about 59 countries in April, compared to 56 countries in March. Countries receiving Qatar’s non-oil exports included 11 Arab countries and GCC, 14 European countries including Turkey, 16 Asian countries (excluding Arab countries), 15 African countries (excluding Arab countries), 2 countries of North and South Americas and Australia. The number of countries that received Qatari non-oil exports in April increased by 3 countries compared with March 2018.
Qatar absorbed the blockade’s economic shock very quickly. The State laid huge emphasis on self-sufficiency with focus on promoting national products. All 2022 World Cup-related project are progressing as per schedule. The financial situation is stable and the country has maintained high international credit ratings. A report issued by IMF revealed that Qatar’s growth performance remains resilient and is able to deal with the direct economic and financial impact of the siege. The near-term growth outlook is broadly positive and GDP growth of 2.6 percent is projected for 2018.
Praises showered on Qatar’s economic performance show that the economy is on the right track.
