Doha, July 01 (QNA) - The Peninsula said in its editorial today that the exports from Qatar continue to show upward trend. The exports have risen consistently throughout the year despite the challenges posed by COVID-19 outbreak, which demonstrates the resilience of local economy. According to preliminary figures released by the Planning and Statistics Authority, in May 2022, the total exports of goods including exports of goods of domestic origin and re-exports amounted to around QR45.3bn, showing an increase of 81.9 percent compared to May 2021, and an increase of 4.3 percent compared to April 2022.
The Peninsula stressed that Qatars foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR36.6bn in May 2022, registering an increase of about QR20.0bn or 120.1 percent com-pared to the corresponding period last year (May 2021). When compared month-on-month, the surplus increased by nearly QR2.4bn or 7 percent compared to April 2022.
Private sector is playing a crucial role in Qatars stellar rise in growth of exports. The positive growth indicates that the Qatari economy has witnessed a remarkable recovery from the negative impacts of COVID-19 pandemic, it added.
The newspaper added that Qatar is one of the most stable, resilient, and competitive economies in the world - powered by a rigorous diversification agenda, a vibrant environment for innovation, and a business-friendly ecosystem. It boasts a world-class climate for business and investment. Leading forecasts show the economy is poised for a solid and robust recovery in 2022. The International Monetary Fund (IMF) has projected a growth of 3.9 percent for Qatars real Gross Domestic Product (GDP) in its World Economic Outlook, which was released last month. Qatars economic diversification and climate mitigation strategies offer ample opportunities for sustainability-conscious investors who want to balance profit and environmental prudence.
The Peninsula concluded by saying that the pace of economic growth is further expected to increase in the coming months because of mega sporting even FIFA World Cup Qatar 2022. The mega event is expected to attract thousands of visitors to Qatar which will increase the demand of goods and services in the country. The trends witnessed in the last year indicate that exports from Qatar will continue to rise in next year. (QNA)