Qatar’s economy shrank 6.1 percent in Q2 – worst in eight years

Qatar’s second-quarter gross domestic product fell 6.1 percent in the three months ending June on an annual basis as pandemic hit economy.

A playground in Doha lies empty during a March lockdown to contain the spread of COVID-19 [File: Reuters]

Qatar’s economy performed its worst since at least 2012 during the second quarter amid lockdown measures to combat the coronavirus.

The gas-rich nation’s gross domestic product fell 6.1% in the April-to-June period on an annual basis, according to estimates by the Planning and Statistics Authority. The economy contracted 1% in the same period of 2019.

Transportation, warehousing, retail trade, accommodation and leisure services in the world’s biggest shipper of liquefied natural gas were especially hit by the Covid-19 pandemic.

The International Monetary Fund projects Qatar’s GDP to fall 4.5% this year, the smallest contraction among Arab Gulf states.

Source: Bloomberg