Doha: Qatar’s economy in 2020 demonstrated the country’s resilience and competence during crises such as the COVID-19 pandemic and the significant decline of oil prices. This was amplified by international indicators which have unanimously agreed that Qatar has obtained the highest credit ratings worldwide, Qatar Chamber (QC) has said in its latest monthly economic newsletter for January 2021.
The newsletter, which was prepared by the QC’s Research & Studies Department, highlights the most prominent trends in the Qatari economy, as well as statistics related to foreign trade and trade of private sector in November 2020.
The International Monetary Fund (IMF) expects Qatar’s GDP to grow by 2.7 percent in 2021 with the help of growing natural gas production and a rebound in domestic demand, as well as the economy’s ability to quickly recover from the consequences of the COVID-19 pandemic.
The report also highlighted the growing economic relations between Qatar and the UK.
Citing data by the Planning and Statistics Authority (PSA) for November 2020, the report noted that the total value of foreign merchandise trade in Qatar reached QR24.1bn, showing an increase of 2.1 percent compared to QR23.6bn in October 2020.
In November 2020, the total exports of goods, including exports of goods of domestic origin and re-exports, amounted to around QR16.6bn, showing an increase of 8.5 percent compared to QR15.3bn in October, while imports during the same month amounted to around QR7.5bn, showing a decrease of 9.6 percent compared to QR8.3bn in October.
Qatar’s trade balance, which represents the difference between total exports and imports, showed a surplus of QR9.1bn, recording an increase of 30 percent compared to QR7bn in October.
In November 2020, China was at the top of the countries of destination of Qatar’s foreign trade with about QR3.9bn, a share of 16.2 percent of the state’s total foreign trade.
Source: The Peninsula