Qatar’s economy shrank 6.1 percent in Q2 – worst in eight years

2 weeks ago 23
google news

Qatar’s second-quarter gross domestic product fell 6.1 percent in the three months ending June on an annual basis as pandemic hit economy.

Qatar’s economy performed its worst since at least 2012 during the second quarter amid lockdown measures to combat the coronavirus.

The gas-rich nation’s gross domestic product fell 6.1% in the April-to-June period on an annual basis, according to estimates by the Planning and Statistics Authority. The economy contracted 1% in the same period of 2019.

Transportation, warehousing, retail trade, accommodation and leisure services in the world’s biggest shipper of liquefied natural gas were especially hit by the Covid-19 pandemic.

The International Monetary Fund projects Qatar’s GDP to fall 4.5% this year, the smallest contraction among Arab Gulf states.

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