Higher Oil Prices Boost GDP, But Non-Oil Economy Still Struggling

Recently released Q309 GDP statistics illustrate the positive effect of rising global energy prices on nominal output in Qatar. Hydrocarbon sector nominal GDP increased by 15.7% q-o-q in Q309, with oil and gas nominal GDP increasing by 14.7% and 17.3% q-o-q respectively. This drove overall nominal GDP up 11.3% q-o-q. Going forward, our expectations for relatively robust oil prices over the coming years - we see the OPEC Basket averaging US$83/bbl and US$85/bbl in 2010 and 2011 respectively - in conjunction with our forecasts for Qatari oil and (particularly) gas production levels to rise considerably should mean that hydrocarbon, and

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