28 May 2007 - 10:56
  • News Code: 105740

Doha: Qatar’s economy shrank 1.3% in the first quarter of 2007 as the price of crude oil fell, the Planning Council said yesterday.

The nominal gross domestic product, the value of all the goods and services produced by the country’s economy at current prices, fell to QR44.7bn ($12.3bn) in the first quarter from QR45.3bn a year earlier, according to Planning Council data.

The contribution of oil to GDP, QR24.2bn, was 11% lower than the QR27.2bn during the first quarter of 2006. Oil traded in New York averaged $56.94 in the first quarter of 2007, 11% below than the $63.73 average in the equivalent period in 2006.

Qatar’s trade surplus increased 12% to QR64.1bn in 2006. Exports were QR123.9bn, up 34.2% from 2005. Imports climbed 63% to QR59.8bn. – Bloomberg

Investment focus of meeting with India

New Delhi: A major push to enhance bilateral investments will be the focus of a two-day meeting between India and the six member states the Gulf Co-operation Council (GCC) starting in Mumbai tomorrow, officials said yesterday.

India’s Commerce Minister Kamal Nath will head his side’s delegation to the third such meeting with a 300-member team of ministers and officials from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

The event will comprise plenary sessions on investing in India, investing in the GCC states and on four sectors – real estate, energy including oil, gas and power, petrochemicals and infrastructure.

Besides Kamal Nath, the meeting will be addressed by India’s commerce secretary GK Pillai, industry secretary Ajay Dua and TKA Nair, principal secretary to the prime minister. – IANS




News Code 105740

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