The country’s finance minister has declared that two thirds of projects will be delivered this year and next, which will provide domestic demand with a welcome shot in the arm going forward. Economy of Qatar. It's economy is highly dependent on oil and natural gas extraction which accounts for more than 50% of GDP, 85% of export earnings, and 70% of government revenues. With this, they mean the development of alternative industries and services so that the nation’s dependence on hydrocarbon commodities can be reduced.In terms of Agriculture, one of the practical steps that are taken includes is the agreement with the University of Qatar to introduce a program through which national cadres can be instructed in agricultural sciences.As per Qatar National Vision 2030, one of the goals for a better socio-economic future of the country includes having a world-class infrastructure backbone.The estimate that is set for Qatar’s major infrastructure projects is 21.6 billion USD. Page last updated on January 27, 2020 Economy - overview: Qatar’s oil and natural gas resources are the country’s main economic engine and government revenue source, driving Qatar’s high economic growth and per capita income levels, robust state spending on public entitlements, and booming construction spending, particularly as Qatar prepares to host the World Cup in 2022. Over the same period, the large, sustained fiscal surpluses enjoyed in the decade up to 2015 were wiped out in one fell swoop, with the country expected to have registered a sizeable budget deficit last year for the first time in 15 years. In a true sign of the changing times, Qatar’s famously light tax regime will become slightly more burdensome from 2018 onwards, with the introduction of VAT as part of a GCC-wide initiative. One prime example of Qatar’s diversification efforts is Education City, an attempt to create a pole of educational excellence in the heart of the Middle East. Prudent spending in the years leading up to 2015 means the country’s breakeven oil price is substantially lower than the GCC average; as a result, despite slipping into the red last year, the country’s fiscal deficit is projected to have been the second-lowest among Gulf Cooperation Council (GCC) members, and far below the yawning deficit observed in neighboring 0i Arabia.Faced with a new lower-growth paradigm, the Qatari government is in the process of battening down the fiscal hatches, in synchrony with countries across the region. The country’s colossal sovereign wealth fund, the fruit of over a decade of sound economic management, has cemented confidence in the economy and allowed the government to issue USD 9 billion in bonds last May in order to finance the budget deficit.Over the next two years, growth should be lifted by moderately higher oil and gas prices, while the new Barzan gas project will boost gas production by 1.4 billion cubic feet per day. publication May 1, 2019 Qatar: Economic Update - April 2019 Growth is estimated to have recovered to 2.1% in 2018, as activity has gradually recovered from the effects of a diplomatic rift between Qatar and some GCC neighbors.

In addition, 2016 saw elevated public capital expenditure linked to preparations for the 2022 World Cup, causing the country’s fiscal position to deteriorate further at a time when other governments across the region were tightening their belts.

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