|10-14-2014, 02:57 AM||#1|
Qatar construction activity surges 14.5% in the second quarter
Qatari construction activity expanded at a fast pace in the second quarter, boosted by major infrastructure projects in Qatar, according to the Qatar National Bank.
Projects such as the new metro in Doha, new roads, highways, real estate projects such as Lusail and Musheireb, and the expansion of the Hamad International Airport, contributed to a massive 14.5% year-on-year growth in local construction activity.
Transportation and communication grew 11.8% in the same period, buoyed by rising passenger flow rate through the new airport.
Real gross domestic product growth jumped to 5.7% in the second quarter from 5.4% in the prior quarter.
Strong population growth, as well as effecient banking intermediation is largely contributing to increased demand for the housing, financial, retail and social sectors.
Accelerating growth, contained inflation and high current account surpluses are amounting to a strong economic outlook for Qatar.
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