Monitoring Economic Development of Qatar Presentation By Hamad Bin Jabor Al Thani President of Qatar Statistics Authority
Qatar Economic Monitoring Outline: • Qatar National Vision -2030 and National Development Strategy • Qatar’s Economic Performance • Evolution of National Statistical System • Progress in enhancing economic monitoring • Challenges in measuring economic development of Qatar
Qatar National Vision 2030 • A National Vision document was signed by the H.H. the Emir in 2008 which will guide the development of the State of Qatar. • Vision Requires: “Development of a competitive and diversified economy capable of meeting the needs of, and securing a high standard of living for, all its people both for the present and for the future” • Accordingly a National Development Strategy is done for 2011-16 which will represent the first wave of changes and target specific actions
National Development Strategy and Role of Statistics • To continuously measure the economic growth. • To monitor the programs and within program the projects and make decision makers aware of impact of projects and its tie ups within the National Development Strategies and National Vision. • To develop meaningful indicators for monitoring the economy at project level. • FIFA 2022 being a major event, QSA has developed Statistics, which is showing linkage of this evidence based decision to National Development. • To develop indicators showing real economic strength besides hydrocarbon to attract partners in development of Qatar.
Annual Headline and Core Inflation Core inflation is headline inflation less food, rent and utilities
Evolution of Qatar National Economic Statistical System • Qatar Statistics Authority (QSA) is empowered by the National Statistics Act. • QSA has prepared a National Strategy for Development of Statistics (2008-2013) and this is guiding our work. • Important elements of the statistical framework and major milestones are: • National Accounts System (SNA93) – Implemented in 2005 • Monthly Consumer Price Index – Jan 2009 • Quarterly Producer Price Index - Q1 2010 • Annual Labor Force Sample Survey - 2005 • Quarterly GDP dissemination – 2006 • Quarterly Balance of Payment – Q1 2010 • Government Financial Statistics - 2009 • Annual Economic Sample Survey – 2001
Other Initiatives in pipeline at Qatar Statistics Authority • Monthly Industrial Production Index • Constructing Supply and Use Tables for 2010 • Database developments including Infrastructure Projects • Economic Census to be conducted in near future • Moving towards SDDS Compliance, developed a 5 year plan
Other Results With improvement in its statistical system, Qatar is able to: • Prepare evidence-based reports as basis for the first National Development Strategy and other policy analysis. • Improve its policy consultation and dialogue with multilateral institutions (e.g. IMF for Article IV report), Rating agencies and other institutions monitoring Qatar’s economy. • Participate in international surveys which require comprehensive dataset. • Improve ranking in international surveys (World Bank’s Doing Business Survey, IMD World Competitiveness survey, World Economic Forum Competitiveness report).
Future Challenges of Measuring Economic Development • For an oil-dependent economy like Qatar, monitoring diversification requires accurate measures of changes in economic structure. • Measure of national income reflecting terms of trade adjustment from movement in energy prices is critical. • Indicators to capture progress on knowledge-based economy. • To develop an up to date Business Register based on administrative records (currently based on Economic Survey). • More higher frequency statistics. • Strengthening where there are gaps (e.g. BOP, Fiscal…)