QNB highlights strength of Qatari economy despite oil drop

QNB's weekly report said Saturday that the Qatari economy continued strong in 2014 despite the 50% drop in oil prices in the second half of that year.
The report noted that Qatar's 6.2% growth in 2014 was driven by the non-hydrocarbon sector. QNB took this as proof of "the resilience of the Qatari economy and its ability to withstand the decline in oil prices thanks to its strong macroeconomic fundamentals." The non-hydrocarbon sector grew 11.5% spurred by the large investment spending. The construction, finance, real estate and insurance sectors were among the biggest growers. Construction grew by 18% due to the implementation of major infrastructure projects such as Lusail, Barwa City and Education City.
The report then said that Qatar has "ample external and fiscal buffers to continue implementing its ambitious investment programme ahead of the FIFA 2022 World Cup." The report highlighted that the government will invest $182 billion until 2018. As a result, the bank expects a double-digit growth in the non-hydrocarbon sector over the next three years.