Posted on October 21, 2014

The Ministry of Development Planning and Statistics (MDPS) has released the quarterly sequence of accounts providing estimates of the National Income, Saving and also the expenditure components of GDP for the second quarter of 2014 at current prices.

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Quarterly Sequence of Accounts for the total economy of Qatar

The Quarterly Sequence of Accounts (QSOA) for the State 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 Q2, 2014 with a comparison to the corresponding estimates of Q4, 2013 and Q1, 2014.

National Income

The quarterly estimates of Gross National Income (GNI), for the Q2, 2014 is placed at 182.60 Bn QR which shows an increase of 7.9%, when compared to the GNI estimate of Q2, 2013 [169.21 Bn QR]. It may be seen from the Table (1) that the net outflow of property income from Qatar has shown a decline of 18.2%. This explains the Year-on-year (Y-o-Y) rise in the National income in this quarter. However, on quarter-on-quarter (Q-o-Q) basis, GNI in Q2, 2014 has gone down by 1.3% when compared to the GNI of Q1, 2014.

Saving of the Nation

The Gross saving of the nation has been estimated at 111.76 Bn QR in Q2, 2014 as against 105.76 Bn QR recorded in Q2, 2013, showing a Year-on-year (Y-O-Y) rise of 5.7%. However, compared to the previous quarter (Q1), the gross saving has gone down by -4.0%. The gross saving ratio to nominal GDP in Q2, 2014 is placed at 58.9%. The comparative figures for Q1, 2014 and Q2, 2013 are estimated to be 60.1% and 59.5%. 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.

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 Q2, 2014 along with the same for Q2, 2013 (for Y-o-Y comparison) are presented in the following paragraphs:

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Household Final Consumption Expenditure (HFCE)

The Household final consumption expenditure (HFCE) in Q2, 2014 has been placed at 27.14 Bn QR as against 24.80 Bn QR estimated in Q2, 2013, showing an increase of 10.5%. 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 Q2, 2014 is estimated at 14.5%. The corresponding figures for Q1, 2014 and Q2, 2013  are 13.8% and 13.9% respectively.

Government Final Consumption Expenditure (GFCE)

The Government Final Consumption Expenditure (GFCE) for Q2, 2014 has been estimated at 26.86 Bn QR as against 24.39 Bn QR recorded in Q2 of 2013, showing a Y-o-Y rise of 10.2%. The percentage share of GFCE in nominal GDP during  Q2, 2014 has been estimated at 14.2%. The corresponding shares for Q1, 2014 and Q2, 2013 have been 13.7% each respectively. 

Gross Capital Formation

The Gross Capital Formation (GCF), has been estimated at 57.70 Bn QR in Q2 of 2014 as against 49.66 Bn QR in Q2, 2013, showing an increase of 16.2%. The percentage share of GCF in nominal GDP during  Q2, 2014 has been estimated at 30.4%. The corresponding shares for Q1, 2014 and Q2, 2013 have been 27.8% and 27.9% 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 135.09 Bn QR in Q2 of 2014 as against 131.89 Bn QR in Q2, 2013, showing an increase of 2.4%. This Y-o-Y increase in the Q2, 2014 is mainly driven by the rising exports of some of the services like Travel and Transportation. The percentage share of exports in nominal GDP during  Q2, 2014 has been estimated at 71.2%. The corresponding shares for Q1, 2014 and Q2, 2013 exports in GDP have been 75.3% and 74.2% respectively.

Imports of Goods and services

The total value of imports (at F.O.B) in the country has been estimated at 57.41 Bn QR in Q2 of 2014 as against 52.90 Bn QR in Q2, 2013, showing an increase of 8.5%. This Y-o-Y jump in the imports is explained by increasing imports of Machinery & transport equipment, Miscellaneous manufactured articles and Chemical & related products. The percentage share of imports in nominal GDP during  Q2, 2014 has been estimated at 30.3%. The corresponding shares for Q1, 2014 and Q2, 2013 have been 30.6% and 29.7% respectively.

Click here to view the tables. For further details on Quarterly GDP, please refer to the ministry website on: www.mdps.gov.qa and QALAM: www.qix.gov.qa.

The next Press Release on Quarterly Sequence of Accounts, Estimates of National Income, Savings and Expenditure Components of GDP for third quarter, 2014 will be published on the 15thof January, 2015.

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