A FAST-GROWING ECONOMY AND SELF-SUFFICIENT
Economic indicators show us the whole picture regarding Qatar’s economic situation, which in fact is one of the best in the world, occupying the first place in global-ranking GDP per capita ($97,518.6 USD) and the lowest unemployment rate (0.5%). According to statistics, Qatar’s enormous oil and gas reserves are the most evident causes for its high-developed economy.
Today’s opportunities for investors
Qatar, a relatively small country of the size of the state of Connecticut with a population of 2,268 million people, and still, a full and active member in the World Trade Organization, and a self-sufficient and fast-growing economy, with a current 18.10% real GDP growth rate and a position in the top 3 fastest growing economies in the world since 2008.
So what gives Qatar such an economic lead? Two things: oil and gas. The Qatari economy consists mainly of oil and gas production, and its geographical position makes Qatar one of the biggest oil producers in the world, as just in 2014, Qatar produced 2.1 million barrels per day. Of these barrels, 1.5 million were of crude oil. These large oil and gas productions are due to the several companies that the State owns, which are some of the world’s largest in revenue and make up the 10% of the world’s natural gas reserves (900 trillion cubic feet). As if all this were not enough, Qatar still counts with large and unused oil reserves of about 588 million cubic meters in size, that will be capable of maintaining the Qatari economy at its current levels for at least 23 years from now.
.Some examples of success in the oil industry
Some examples of successful Qatari companies are Ras Gas, placed in the third place of Liquid Natural Gas global production; Qatar Petroleum, the 3rd largest oil company in the world; Maersk Oil, which produces 300,000 oil barrels per day and has a World Record of the largest horizontal wells (of 40,000ft in length); as well as some other important oil and gas companies like Qatar Gas and Gulf Drilling International.
By Andrés del Castillo
KNOW WHY