Doha: Qatar’s GDP is expected to grow 4.9% this year compared to the previous year, according to the World Bank. The country, which survived the Covid crisis, has been active in economic transactions and growth in exports has led to significant growth in the economy. By 2021, Qatar was on the path to economic recovery, overcoming Covid’s challenges. At that time, the GDP had increased by 3%.
Exports of liquefied natural gas (LNG) will increase as the demand for gas in the global energy market increases. With this, the country is on the verge of achieving significant economic growth. The effects of the Russia-Ukraine war will benefit Qatar in energy exports. According to the report, preparations for the FIFA World Cup in November-December have led to the comprehensive diversification of Qatar’s economy and the growth of the non- oil sector.
What is GDP?
GDP is a measure of a country’s economic status. This is the total value of all end products and services produced within the borders of the country over a period of time. Only the value of the end product or service that reaches the consumer is taken into account when calculating GDP.
All products considered in GDP must be produced in this country. The price of imported and sold products is not calculated in GDP. GDP is the total value added to the consumption of goods and services, investment in the country, government expenditure, and how much is derived from the value of imports minus the value of exports.