Gross National Income ( GNI ) of Qatar marked a fall of 12% in the first quarter compared to the last financial year. According to official estimates ona n year on year basis it marked at QR169.53 billion. Ministry of Development Planning and Statistics (MDPS) said it marked a fall of 3.5% to the last quarter (Q4) of 2014. The gross savings of the country declined by 23% compared to the first quarter fo 2014.
The rise is population and the price rise of consumer items in Qatar have led to the decline, MDPS said.The increase in sovereign spending is in line with the rise in production of public goods and services to cater the growing population. It led the government final consumption expenditure (GFCE) to expand 9% y-o-y to QR29bn in Q1, 2015. It showed a 5% rise against Q4, 2014.
The proportion 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.
The ministry said major investments in the construction sector, especially in the infrastructure related projects, has resulted in the gross capital formation (GCF) to increase 18% y-o-y to QR61.09bn in Q1, 2015. It registered a 10% jump compared to Q4, 2014.
The GCF accounted for 41.8% of nominal GDP during Q1, 2015 against 30.4% in the year-ago period. The corresponding share for Q4, 2014 has been estimated at 35.9%.
Qatar’s total exports (valued at free on board) plunged 35% y-o-y to QR94.05bn in Q1, 2015 mainly due to lower shipments of mineral fuels, lubricants and related materials. Exports had fallen 19% against Q4, 2014.
Exports constituted 54.4% of nominal GDP in Q1, 2015 compared to 72.1% in the comparable period of 2014. The corresponding share for Q4, 2014 was 63.5%.
Total imports (valued at cost insurance freight) showed a 9% fall y-o-y to QR53.82bn in Q1, 2015 on lower intake of miscellaneous manufactured articles, transport and communication service. It had declined 4% compared to Q4, 2014.
Imports accounted for 31.1% of nominal GDP in Q1, 2015 against 29.5% in the previous year period. Its share was 30.6% in Q4, 2014.