Qatar's economy grows 2.5% in the first quarter
The Qatari economy grew by 2.5% during the first quarter of this year compared to the same period last year, but it contracted by 0.3% on a quarterly basis.
According to data from the Planning and Statistics Authority published on the official Qatar News Agency, the gross domestic product at constant prices amounted to about 166 billion riyals ($46 billion) in the first quarter of 2022, compared to 162 billion riyals in the same period last year.
Qatar, one of the world's largest natural gas producers, is benefiting from higher energy prices caused by Western sanctions against Russia.
Qatar's gross domestic product is expected to grow to 4.9%, supported by high energy prices, according to statements made by the Emir of Qatar, Sheikh Tamim bin Hamad, at the Qatar Economic Forum.
The International Monetary Fund expects the Qatari economy to grow 3.4% this year from 1.5% in 2021.