Qatar's Economic Growth, the Highest in the World
The transformation in gas investment fed straight through to economic performance. According to World Bank data, the Qatari economy grew 24-fold during the era of Sheikh Hamad bin Khalifa Al Thani, with GDP rising from around 8 billion dollars in 1995 to around 199 billion dollars in 2013 - the year His Highness handed the rule of Qatar to his successor, His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the country.
The economy also recorded, on IMF figures, the highest growth rates in the world over that period: real growth reached 28% in 2006 and stayed high as new liquefied natural gas projects came onstream. On the back of that performance, Qatar became one of the fastest-growing economies in the world during the first decade of the millennium.
On the economic indicators, the development of the energy sector was the main engine of growth. The hydrocarbon sector’s contribution to GDP rose from 37 per cent to 54 per cent, and its value added grew from around 11 billion Qatari riyals to around 403 billion - an increase of 22.2 per cent a year at current prices, with growth of 11.4 per cent at constant prices.
GDP per capita likewise rose from around 60 thousand riyals to around 370 thousand riyals, an annual increase of 10.6 per cent - taking the figure to among the highest in the world, well above comparable levels in developed countries.