Qatar's economy grows more than 6% in 2014

DOHA — Qatar's economy grew by more than 6 per cent in 2014, official figures showed, driven by spending on huge construction projects ahead of the 2022 World Cup.

Shrugging off any fears regarding the oil price slump, the energy-rich Gulf economy expanded by 6.2 per cent last year, according to the ministry of development planning and statistics.

The strong performance is evidence of "the resilience of the Qatari economy and its ability to withstand the decline in oil prices thanks to its strong macroeconomic fundamentals," the Qatar National Bank (QNB) said in a commentary on the figures.

Qatar has made efforts to diversify its economy away from oil and gas.

A key driver of growth last year was the construction sector, which expanded 18 per cent, QNB indicated.

Qatar has embarked on a huge $200-billion (190 billion-euro) infrastructure spending splurge ahead of hosting football's premier competition in seven years' time.

Among the major projects Qatar has approved are plans to develop the country's railway network, including the construction of a metro system for the capital Doha and surrounding areas, developing the city that will host the World Cup final, Lusail, and the building of a new port.

Other non-energy growth drivers last year included the financial services and the hotel and restaurant trade.

Despite the fall in global oil prices, Qatar's premier vowed recently to stick to the infrastructure spending splurge, 

Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani told business leaders at a Doha finance conference that the kingdom would maintain its plans to spend heavily on development projects in the run-up to the football World Cup in 2022.

"We reiterate our commitment to investment infrastructure, health and education," he said.

Regional business intelligence specialist MEED has predicted that Qatar will see $30 billion worth of new infrastructure projects through 2015 alone.

The prime minister's message echoed comments by Qatar's finance minister, Ali Shareef Al Emadi, who said the country would keep up heavy spending on infrastructure despite fears over the global economy.

Qatar announced that its population had jumped in February to a record 2.33 million, on the back of an influx of foreign workers moving to the country.

Sheikh Abdullah, who is also interior minister, predicted Qatar's economy would grow by 7 per cent in 2015, suggesting the population increase was likely to continue.