Trade Policy of Qatar Essay Example | Topics and Well Written Essays - 2750 words

Trade Policy of Qatar - Essay Example Qatar’s economy has been growing in strength and resilience overtime and in fact it happens to be one of the fast growing and most dynamic economies of the world. The GDP of Qatar registered an impressive growth of 33.8 percent in the year 2005 (Qatar Economic Review 2006). The rapidly growing oil and gas sector is the cornerstone of Qatar’s economy and is contributing immensely to the target of reshaping the national economy through diversification. Though it is true to say that the overall economic strength of Qatar is primarily dependent on the oil revenues, the share and contribution of the LPG in the national growth has definitely increased in the past few years. In the year 2005, the total share of oil and natural gas in the domestic GDP was 60 percent (Qatar Economic Review 2006).  Ã‚  Ã‚   In terms of GDP growth, Qatar had performed unbelievably positively, recording an average growth of 19.9 percent in the period 2001-2005 (Qatar Economic Review 2006). The fu ndamental reasons that lie behind the formidable economic growth of Qatar are an exceptional growth in the exports of LNG, crude and petrochemical related products. This factor has been further bolstered by the rise in the prices of crude in the international markets. In the year 2005, the oil and natural gas industry recorded an overall growth of 46.3 percent (Qatar Economic Review 2006). In contrast, the non-oil sector augmented by 18.8 percent (Qatar Economic Review 2006). In the year 1999, the GDP of Qatar was QR 45.1 billion (Qatar Economic Review 2006).