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Qatar’s financial system shrank 6.1 % in Q2 – worst in eight years

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Qatar’s second-quarter gross home product fell 6.1 % within the three months ending June on an annual foundation as pandemic hit financial system.

Qatar’s financial system carried out its worst since a minimum of 2012 throughout the second quarter amid lockdown measures to fight the coronavirus.

The gas-rich nation’s gross home product fell 6.1% within the April-to-June interval on an annual foundation, based on estimates by the Planning and Statistics Authority. The financial system contracted 1% in the identical interval of 2019.

Transportation, warehousing, retail commerce, lodging and leisure companies on this planet’s largest shipper of liquefied pure gasoline had been particularly hit by the Covid-19 pandemic.

The Worldwide Financial Fund tasks Qatar’s GDP to fall 4.5% this yr, the smallest contraction amongst Arab Gulf states.

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