Government statistics showed on Wednesday that Qatar’s economy shrank by 6.1 percent in the second quarter of the year on an annual basis, due to the closure of companies and the curtailment of activities due to the outbreak of the Corona virus.
The Qatari Planning and Statistics Authority data showed that the real GDP contracted 6.4 percent in the second quarter compared with the first quarter, based on constant prices.
Transportation and warehousing activities fell nearly 40 percent over the next year Annual basis Accommodation and food services 38.7 percent, wholesale and retail trade and vehicle repair over 30 percent. The manufacturing sector declined 11.3 percent, according to the data.
Qatar, the world’s largest exporter of liquefied natural gas, is trying to diversify its economic resources by supporting tourism and foreign investment in sectors other than oil and gas.
The central bank said in August it expected the economy to contract this year with lower energy prices and the coronavirus crisis, after a 0.3 percent decline last year, but did not release an estimate.
The International Monetary Fund revised projections for Qatar’s real GDP down in 2020 and forecast a 4.5% contraction, against its April forecast of a 4.3% drop.