• Base year of the national accounts revised from 2004 to 2013;• Qatar’s Nominal GDP at 735 Bn QR in 2013 rises more than six times when compared to the nominal GDP of the year 2004 (115 Bn QR); • Based on the new base year 2013, Real GDP level (735 Bn) of Qatar in 2013 grows by about three times compared to the level (266 Bn) estimated as per 2004 base, registering an average annual growth rate of 12% during 2004 to 2013; • Real GDP growth (provisional) of the year 2014 at 2013 prices (New Base year) is estimated at 4%
       - Mining and Quarrying Sector growth is down to 1.5%; and
       - Non-Mining Sector growth is up by 10.6%


         Ministry of Development Planning and Statistics (MDPS) have released the new series of national accounts statistics with base year 2013, in place of the current series with base year 2004. Periodic changing of the base year of the national accounts is undertaken to take into account the structural changes which have been observed in the economy. The base year is normally expected to be changed every 5 to 10 years. The current series of the national accounts has the base of year 2004.

         National accounts aggregates at constant prices provide important indicators for measuring growth in the economy. Each base year presents its own perspective of the economy, resulting from the price structure prevailing in that year. Hence it is necessary to update the base period to adopt weights that are more consistent with current conditions. This helps in depicting a more realistic picture of the economy analysed with the key macro aggregates like GDP, consumption expenditure, capital formation etc.

         The new series on National Accounts Statistics has been introduced after a comprehensive review of both the database and the methodology employed in the estimation of various aggregates. Besides shifting the base year from 2004 to 2013, the series incorporates latest available data from various surveys including new economic activities, improvements in procedures and use of new series of Consumer and Producer Price indices with 2013 bases.

         The preliminary estimates of GDP for 2013, both at current and constant prices have been finalized, while the 2014 GDP estimates have been revised. The 2014 numbers are still preliminary and these would be finalized, once the results of Annual Economic Survey for 2014, are received towards the end of this year.

         Improvements, especially by review and incorporation of new datasets, have resulted in a minor correction in the level of GDP, which is likely to affect a wide range of indicators where it is used as a reference point in terms of their ratios to GDP. The final estimate of nominal GDP for 2013 is placed at 734.9 Bn QR as against the preliminary estimate of 739.8 Bn QR, which shows a minor correction of 0.68%. Correspondingly, the preliminary estimate for 2014 stands revised to 764.8 Bn QR from the earlier estimate of 771.0 Bn QR. The percentage change between 2013 and 2014 is now revised to 4.1% as against the earlier estimate of 4.2%.

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