Qatar's economy is at its worst level in eight years

Doha: The Corona epidemic and the closure of companies have wreaked havoc on the Qatari economy. According to media reports, Doha official figures show that the closure of companies and the spread of the Corona virus have severely affected trade and business activities in Qatar, leaving the Qatari economy in its worst state in eight years since 2012 Encountered

According to the report, in the second quarter of the current financial year, the Qatari economy has faced an overall deficit of 6.1%. The Qatari economy contracted by 1% in the same period in 2019. The Qatari economy suffered its worst second quarter since 2012 as a result of anti-Corona lockdown measures. Figures from the Qatari Planning and Statistics Authority show that real GDP fell by 6.4% in the second quarter compared to the first quarter based on fixed prices. Transportation and storage activities It has decreased by about 40% on an annual basis.

Housing and food services fell 38.7 percent and wholesale and retail trade and vehicle repairs fell more than 30 percent. According to the data, the manufacturing sector declined by 11.3%. Qatar, the world's largest exporter of liquefied natural gas, diversified its economic resources to attract tourism and foreign investment in sectors other than oil and gas. The Qatari central bank said in August that it expects the economy to shrink by 3% last year due to low energy prices and the Corona virus crisis, but did not release figures.