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Qatar economy weathers Saudi-led blockade: UK report

  • 24 January 2018
  • Author: QT01
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Qatar economy weathers Saudi-led blockade: UK report
AFP
Dubai
Qatar's economy has weathered the impact of a months-long blockade by neighbouring countries, an economic report said on Wednesday.
The Qatari economy has maintained positive growth in the seven months since Saudi Arabia, United Arab Emirates, Bahrain and Egypt imposed an air and land siege, said the report by Capital Economics.
“Recently-released national accounts data confirmed that Qatar avoided the worst fears that the diplomatic crisis would plunge its economy into recession,” the independent London-based research firm said.
The economy of Qatar grew by 1.9 percent in the third quarter of last year, up from 0.3 percent in the previous quarter, it said.
Growth of the non-hydrocarbon sector, which is more vulnerable to the blockade, remained unchanged at 3.2 percent in the third quarter.
The foreign liabilities of Qatari banks rose in November for the first time in six months, a sign that domestic banks have secured additional financing from foreign banks, it said.
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