Posted on July 14, 2015

The Ministry of Development Planning and Statistics (MDPS) have released the quarterly sequence of accounts providing preliminary estimates of the National Income, Saving and also the expenditure components of GDP for the First quarter of 2015 at current prices.

Quarterly Sequence of Accounts for the total economy of Qatar

The Quarterly Sequence of Accounts (QSOA) for the total economy of Qatar provides a comprehensive picture of current economic developments in the country. The major macroeconomic variables like GDP, National Income, Savings etc. which are the balancing items of respective accounts are discussed in the following paragraphs. Table (1) presents the QSOA for the Q1, 2015 with a comparison to the estimates of Q1, 2014 and Q4, 2014.

National Income

The quarterly estimates of Gross National Income (GNI), for the Q1, 2015 is placed at 169.53 Bn QR which shows a decrease of 11.9%, when compared to the GNI estimate of Q1, 2014 [192.35 Bn QR]. Compared to the previous quarter (Q4, 2014), estimate of 175.64 Bn QR, a decline of 3.5% in the GNI of this quarter has been recorded.

Saving of the Nation

The Gross National saving has been estimated at 94.49 Bn QR in Q1, 2015 as against 122.83 Bn QR registered in Q1, 2014, showing a Year-on-year (Y-o-Y) fall of 23.1%. Compared to the previous quarter (Q4, 2014), the gross saving has gone down by9.1%. The gross saving ratio to nominal GDP in Q1, 2015 is placed at 54.6%. The comparative figures for Q1, 2014 and Q4, 2014 are estimated to be 61.1% and 56.6%. More details are available in Table (1). Towards the end of this table, some of the other key economic indicators, shown as a percentage of nominal GDP of the country, are also presented for analytical purposes.

Quarterly sequence of accounts 2 [qatarisbooming.com].jpg

Expenditure components of GDP

The estimates of the expenditure components of GDP namely: Household Final Consumption Expenditure (HFCE), Government Final Consumption Expenditure (GFCE), Gross Capital Formation (GCF); Exports of Goods and Services (F.O.B); and Imports of Goods and services (F.O.B) for the Q1, 2015 along with the same for Q1, 2014 (for Y-o-Y comparison) and Q4, 2014 (for Q-o-Q comparison] are presented in the following paragraphs. Table (2) may also be referred.

Household Final Consumption Expenditure (HFCE)

The Household Final Consumption Expenditure (HFCE) in Q1, 2015 has been placed at 31.53 QR as against 27.80 Bn QR estimated in Q1, 2014, showing an increase of 13.4%. Rising population and the price rise of consumer items in the country have led to this rise. The share of HFCE in the nominal GDP, in Q1, 2015 is estimated at 18.2%. The corresponding figures for Q1, 2014 and Q4, 2014 are13.8% and 16.1% respectively.

Government Final Consumption Expenditure (GFCE)

The Government Final Consumption Expenditure (GFCE) for Q1, 2015 has been estimated at 29.0 Bn QR as against 26.50 Bn QR recorded in Q1 of 2014, showing a Y-o-Y rise of 9.4%. This increase in Government spending is in line with the rise in production of public goods and services to cater the growing population. The percentage share of GFCE in nominal GDP during Q1, 2015 has been estimated at 16.8%. The corresponding shares for Q1, 2014 and Q4, 2014 have been 13.2% and 15.1% respectively.

Quarterly sequence of accounts 3 [qatarisbooming.com].jpgGross Capital Formation

The Gross Capital Formation (GCF) has been estimated at 72.26 Bn QR in Q1 of 2015 as against 61.09 Bn QR in Q1, 2014, showing an increase of 18.3%. Major investments in construction sector especially in the infrastructure related projects continue to impact the rise. The percentage share of GCF in nominal GDP during Q1, 2015 has been estimated at 41.8%. The corresponding shares for Q1, 2014 and Q4, 2014 have been 30.4% and 35.9% respectively.

Exports of goods and services including re-exports

The total value of exports (at F.O.B) from the country has been estimated at 94.05 Bn QR in Q1 of 2015 as against 145.12 Bn QR in Q1, 2014, showing a steep decline of 35.2%. This Y-o-Y fall in the total exports during Q1, 2015 is noticed mainly in Mineral fuels, lubricants and related materials. The percentage share of exports in nominal GDP during Q1, 2015 has been estimated at 54.4%. The corresponding shares for Q1, 2014 and Q4, 2014 exports in GDP have been 72.1%and 63.5% respectively.

Imports of Goods and services

The total value of imports (at F.O.B) in the country has been estimated at 53.82 Bn QR in Q1 of 2015 as against 59.37 Bn QR recorded in Q1, 2014, showing a fall of 9.4%. This Q1, 2015, [Y-o-Y] fall in the imports is seen in miscellaneous manufactured articles, transport and communication service, etc. The percentage share of imports in nominal GDP during Q1, 2015 has been estimated at 31.1%. The corresponding shares for Q1, 2014 and Q4, 2014 have been 29.5%and 30.6% respectively.

For further details on expenditure components of Quarterly GDP and sequence of accounts, ministry’s website at www.mdps.gov.qa may be referred.

The next Press Release on Quarterly Sequence of Accounts, Estimates of National Income, Savings and Expenditure Components of GDP for the second quarter, 2015 will be published on the 12th October, 2015.

click here to view the tables

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