Economy

Before the discovery of oil the economy of the Qatari region focused on fishing and pearling. After the introduction of the Japanese cultured pearl onto the world market in the 1920s and 1930s, Qatar's pearling industry faltered. However, the discovery of oil reserves, beginning in the 1940s, completely transformed the nation's economy. Now, the country has a high standard of living, with many social services offered to its citizens and all the amenities of any modern nation.

Qatar's national income primarily derives from oil and natural gas exports. The country has oil reserves estimated at 15 billion barrels (2.4 km³). Qataris' wealth and standard of living compare well with those of Western European nations. Qatar has the highest GDP per capita in the developing world ($39,607 as of 2005). Qatar is also one of the two least taxed sovereign states in the world with no income tax[2], Bahrain is the other.

While oil and gas will probably remain the backbone of Qatar's economy for some time to come, the country seeks to stimulate the private sector and develop a "knowledge economy". In 2004 it established the Qatar Science & Technology Park to attract and serve technology-based companies and entrepreneurs, from overseas and within Qatar.

Overview:
 Oil and gas account for more than 60% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have given Qatar a per capita GDP about 80% of that of the leading West European industrial countries. Proved oil reserves of 16 billion barrels should ensure continued output at current levels for 23 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, more than 5% of the world total and third largest in the world. Qatar has permitted substantial foreign investment in the development of its gas fields during the last decade and is expected to become the world's top liquefied natural gas (LNG) exporter by 2007. In recent years, Qatar has consistently posted trade surpluses largely because of high oil prices and increased natural gas exports, becoming one of the world's fastest growing and highest per-capita income countries.
GDP (purchasing power parity):
 $22.51 billion (2005 est.)
GDP (official exchange rate):
 $29.44 billion (2005 est.)
GDP - real growth rate:
 8.8% (2005 est.)
GDP - per capita (PPP):
 $26,100 (2005 est.)
GDP - composition by sector:
 agriculture: 0.2%
industry: 81%
services: 18.8% (2005 est.)
Labor force:
 440,000 (2005 est.)
Unemployment rate:
 2.7% (2001)
Population below poverty line:
 NA%
Household income or consumption by percentage share:
 lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
 7.8% (2005 est.)
Investment (gross fixed):
 20.9% of GDP (2005 est.)
Budget:
 revenues: $17.31 billion
expenditures: $11.31 billion; including capital expenditures of $2.2 billion (2005 est.)
Public debt:
 36.7% of GDP (2005 est.)
Agriculture - products:
 fruits, vegetables; poultry, dairy products, beef; fish
Industries:
 crude oil production and refining, ammonia, fertilizers, petrochemicals, steel reinforcing bars, cement, commercial ship repair
Industrial production growth rate:
 10% (2003 est.)
Electricity - production:
 9.735 billion kWh (2003)
Electricity - consumption:
 9.053 billion kWh (2003)
Electricity - exports:
 0 kWh (2003)
Electricity - imports:
 0 kWh (2003)
Oil - production:
 790,500 bbl/day (2005 est.)
Oil - consumption:
 33,000 bbl/day (2003 est.)
Oil - exports:
 NA bbl/day
Oil - imports:
 NA bbl/day
Oil - proved reserves:
 16 billion bbl (2005 est.)
Natural gas - production:
 30.8 billion cu m (2003 est.)
Natural gas - consumption:
 11.61 billion cu m (2003 est.)
Natural gas - exports:
 18.2 billion cu m (2004 est.)
Natural gas - imports:
 0 cu m (2001 est.)
Natural gas - proved reserves:
 25.77 trillion cu m (2005)
Current account balance:
 $10.53 billion (2005 est.)
Exports:
 $24.9 billion f.o.b. (2005 est.)
Exports - commodities:
 liquefied natural gas (LNG), petroleum products, fertilizers, steel
Exports - partners:
 Japan 41.9%, South Korea 15.8%, Singapore 9.1%, India 5.4% (2004)
Imports:
 $6.706 billion f.o.b. (2005 est.)
Imports - commodities:
 machinery and transport equipment, food, chemicals
Imports - partners:
 France 26.6%, US 9.5%, Saudi Arabia 9.4%, UAE 6.3%, Germany 5.2%, Japan 5.2%, UK 5.1% (2004)
Reserves of foreign exchange and gold:
 $4.754 billion (2005 est.)
Debt - external:
 $20.63 billion (2005 est.)
Economic aid - recipient:
 $NA
Currency (code):
 Qatari rial (QAR)
Exchange rates:
 Qatari rials per US dollar - 3.64 (2005), 3.64 (2004), 3.64 (2003), 3.64 (2002), 3.64 (2001)
Fiscal year:
 1 April - 31 March

Source: The World Factbook, Wikipedia