Economy

Economic overview: Oil is the backbone of the economy and accounts for more than 30% of GDP, roughly 75% of export earnings, and 70% of government revenues. Proved oil reserves of 3.3 billion barrels should ensure continued output at current levels for about 25 years. Oil has given Qatar a per capita GDP comparable to the leading West European industrial countries. Production and export of natural gas are becoming increasingly important. Long-term goals feature the development of off-shore petroleum and the diversification of the economy. GDP: purchasing power parity - $10.7 billion (1994 est.) GDP real growth rate: -1% (1994 est.) GDP per capita: $20,820 (1994 est.) GDP composition by sector: agriculture: 1% industry: 50% services: 49% (1993 est.) Inflation rate (consumer prices): 3% (1993 est.) Labor force: 233,000 (1993 est.) Unemployment rate: NA% Budget: revenues: $2.5 billion expenditures: $3.5 billion, including capital expenditures of $NA (FY95/96) Industries: crude oil production and refining, fertilizers, petrochemicals, steel reinforcing bars, cement Industrial production growth rate: NA% Electricity: capacity: 1,520,000 kW production: 4.5 billion kWh consumption per capita: 8,415 kWh (1993) Agriculture: fruits, vegetables; poultry, dairy products, beef; fish (all on small scale) Exports: $2.9 billion (f.o.b., 1994 est.) commodities: petroleum products 75%, steel, fertilizers partners: Japan 61%, Australia 5%, UAE 4%, Singapore 4% (1994) Imports: $2 billion (c.i.f., 1994 est.) commodities: machinery and equipment, consumer goods, food, chemicals partners: Germany 14%, Japan 12%, UK 11%, US 9%, Italy 5% (1994) External debt: $1.5 billion (1993 est.) Economic aid: $NA Currency: 1 Qatari riyal (QR) = 100 dirhams Exchange rates: Qatari riyals (QR) per US$1 - 3.6400 riyals (fixed rate) Fiscal year: 1 April - 31 March