Qatar Economic Outlook Issue Number 13

 
Figure 2-20: Exports by country of destination 
12 
8 
9 
15 
42 
20 
11 
4 
10 
14 
38 
17 
0
5
10
15
20
25
30
35
40
45
EU
C
h
in
a
Ja
p
an
S
in
ga
p
o
re
S
ou
th
 K
o
re
a
In
d
ia
A
s %
 o
f T
o
ta
l
2019
2020
Source: Planning and Statistical Authority

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Part 2 - Economic Performance 2017 - 2020 
 
 
75 
Recovery of Major GDP’s 
Components
The decline in oil and gas prices had the 
greatest impact on the annual (Y-o-Y) rate of 
change of the quarterly nominal GDP during 
2020 and 2021. At the beginning of the 
pandemic, the oil sector contributed to a GDP 
decline in Q2 of 2020 by about negative 17.8 
percentage points, compared to a 
contribution of about negative 9.8 percentage 
points for non-oil activities, as shown in 
Figure 
(2-21). 
However, 
with 
the 
improvement in oil and gas prices since the 
beginning of Q3 of 2020, the negative 
contribution percentage decreased once 
more during Q4 of 2020 before stabilizing in 
the first quarter of 2021 and subsequently 
growing in Q2 and Q3 of 2021. 
As for the annual rate of change of real GDP 
at constant prices, it also witnessed a decline 
during the last three quarters of 2020, which 
lasted until Q1 of 2021, before witnessing 
growth during Q2 and Q3 of 2021, mainly 
caused by the gradual lifting of restrictions 
imposed to contain Covid-19, as Figure (2-
22) indicates. 
It is worth noting that non-oil activities were 
the largest contributor to the reduction of 
GDP growth rate during the second quarter 
of 2020 by negative 5 percentage points 
compared to just negative 0.8 percentage 
points for oil activities. Non-oil activities 
continued to contribute negatively to the 
annual rate of change of GDP until the end of 
Q1 of 2021, before becoming the actual 
engine of growth during the Q2 and Q3 of the 
same year. 
When examining the contribution to real GDP 
of oil activities, it noticeable that it continues 
with its usual influence; since its contribution 
stabilized in 2013, it negatively contributes to 
the annual rate of change in the GDP, 
resulting from the sector reaching its 
maximum production capacity. Therefore, 
any stoppage of production due to 
fluctuations in demand or even during the 
implementation of any periodic maintenance 
causes, obviously, a reduction in production.
As Figure (2-22) demonstrates, the oil 
sector’s contribution stabilized in Q2 and Q3 
of 2021, which reflects the full recovery from